Nicki Minaj is finally engaged to boyfriend Meek Mill. And the engagement ring allegedly costs almost half-a-million dollars!

It all started with rumors going around that Nicki Minaj and Meek Mill are engaged. The engagement news came after the "Anaconda" hit maker posted a cryptic Twitter message.

"I'll post it later," Minaj posted on Twitter along with a diamond ring, a yellow heart and a diamond emoji.

And just a few hours after Nicki Minaj teased her engagement on the microblogging site, Twitter, the 32-year-old rapper finally revealed the real thing up close on her Instagram account. While the photo was captionless, it showed the diamond-studded heart-shaped sparkler on Nicki's ring finger.

Since the engagement ring is unique, several observers got curious over what Meek Mill gave his one-and-only ladylove, Nicki Minaj.

"This looks like a 15-carat fancy yellow heart modified brilliant cut diamond mounted in platinum with a double halo of white pavé diamonds," Morgan Shara of MASbisjoux jewelry told E! News. And guess what, the ring approximately costs $500,000.

Meanwhile, though the engagement came as a surprise to all the fans, a source shared that Nicki Minaj and Meek Mill are truly in love with each other.

"Both Meek and Nicki have been spending amazing quality time together lately and have gotten extremely close these past few months," the insider shared. "It may seem like it all is happening very quickly but Nicki and Meek are in this 100. They truly love each other."

On a recent interview with XXL magazine, Meek Mill admitted that he doesn't mind coupling up when he talked about his relationship with Nicki Minaj. While Minaj revealed she'll absolutely get married.

"I definitely will be married before I have my baby," Minaj told Complex magazine. "I've always felt like that since I was young; my mother always put that in my head."

Minaj also told the publication that by the time she released her fifth album, she "will have walked down the aisle" and will "at least be on baby number one, possibly baby number two."

Currently, Nicki Minaj is on a global tour promoting her new album "The Pinkprint." However, on Tuesday night, she posted a photo of herself and Meek Mill standing in front of a Bentley in Miami. The Huffington Post revealed that the ring can be seen upon closer look.

With Nicki Minaj's cryptic social media posts, it's safe to assume that Meek Mill's proposal went down in Miami earlier this week. And since Minaj just keeps on hinting about the engagement, wedding news is certainly expected soon.