Iggy Azalea is engaged to NBA boyfriend Nick Young

Wedding bells are in Iggy Azalea's future!

The 24-year-old Australian rapper is engaged to her boyfriend, Los Angeles Lakers player Nick Young, who proposed at his 30th birthday party on Monday with a gigantic, 10.43 carat Jason of Beverly Hills ring valued at $500,000. The couple, who posed together for a Forever 21 campaign last year, have been dating since October 2013.

Stylist and The Real host Jeannie Mai posted an Instagram revealing the happy news, with the caption, "BEST NIGHT EVER for @thenewclassic & @swaggyp1. Congratulations- praying #HappilyEverAfter over you both