The infamously private couple wouldn't even confirm that they're dating, but a huge rock on her hand has just confirmed the engagement news for them.
Cruz was photographed wearing a huge sapphire diamond ring at the premiere of director Pedro Almódovar's Broken Embraces on Sunday's closing night of the 47th New York Film Festival at Lincoln Center.
"She has achieved a very handsome, good boyfriend, two Oscar nominations, one Oscar and the respect and admiration of her profession," Almódovar told People on the red carpet.
Handsome indeed! No word on when the wedding will take place, but we're sure Penelope will be one of the most gorgeous brides in Hollywood history. Congrats to the happy couple!