David Fisher / REX / Shutterstock / Rex USA 1 / 7
David Fisher / REX / Shutterstock / Rex USA 1 / 7

There's happy news to report from the Met Gala!

Kate Upton is engaged to her boyfriend of three years, Justin Verlander.

The 23-year-old Sports Illustrated model showed off a giant rock on her left hand as she attended the glitzy event in New York City on May 2, 2016.

What's more, the ring was designed by Detroit Tigers star Verlander, 33, himself.

Kate broke the happy news to E! News, saying, "I'm really excited, he asked me right before season started so we've been keeping it on the down low for quite a while.

"So I'm excited to finally be able to share it with the world!"

But don't expect to hear wedding bells anytime soon because it looks like it's shaping up to be a long engagement.

Kate revealed that they are in no rush to exchange vows and, for now, are enjoying the engagement period, according to E! News.

For her turn on the Met Gala red carpet, Kate dazzled in an asymmetrical dress, which had a cutaway panel across her d├ęcolletage.

Back in March, Kate chatted about their happy relationship, joking that their three-year union "seems like forever in Hollywood, right?"

She also opened up about how they keep their relationship solid.

"For us, we always try and work on our communication. We're very open with one another and we're each others best friends. He's definitely my best friend, so I think that helps a lot."

Kate has previously dated the likes of NFL quarterback Mark Sanchez and "Dancing With The Stars" professional Maksim Chmerkovskiy.