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This past June, Jennifer Lopez faced rumors that her and Casper Smart were engaged, and it looks like those rumors are back.

The talk all stems from the 40-year-old singer sporting a bright diamond ring on her left ring finger while at the Chanel Fashion show for Paris Fashion week.

PHOTOS: Jennifer Lopez Covers Glamour UK June 2012 Issue

It doesn’t help that the two were cuddled up close the whole show, but according to People, they’re NOT engaged!

A source told the site that Jennifer is “not even close” to being engaged and that the jewelry on her finger is nothing more “than a pretty ring.” 

Another source told the site:

“He can’t afford that ring. This ring could just be for their anniversary. She’s in the middle of her tour and her manager doesn’t want her distracted. He wants her to focus, and an engagement would distract her too much.” 

PHOTOS: J.Lo, Casper Smart & Kanye Front Row At Chanel

Well, it looks like we can shut the engagement rumors down for awhile.

We’re glad that, in the meantime, Jennifer looks pretty happy to be with Casper!

Check out Jennifer’s bling above!