Janet Jackson might be engaged.

Is Janet Jackson engaged?

The sexy singer may be officially off the market thanks to her billionaire boyfriend.

A report claims that Janet will ring out 2012 and ring in 2013 with wedding plans after becoming engaged, according to a U.S. report.

The All For You hitmaker is set to wed billionaire businessman Wissam Al Mana after accepting his marriage proposal earlier this year.

A source tells UsMagazine.com, "(He) gave her a huge, expensive ring. She's afraid it will get lost, so she keeps it locked up."

The couple hope to exchange vows in Mana's native Qatar next spring and the 37 year old plans on sparing no expensive for his bride-to-be.

An insider adds, "He is flying in all of Janet's friends and family on private jets... (and) he wants to get a top chef to create a custom menu."

This will be Jackson's third trip down the aisle - she was previously married to James DeBarge and Rene Elizondo.

(Image: WENN)