It's still too soon for wedding bells!
A rep for the brunette beauty tells E! News, "No news to report, however, as there's no engagement."
Over the weekend the Thor actress was photographed shopping in Los Angeles with several rings (keyword: several) on her hand, including a delicate band on her wedding ring finger.
Naturally, the sparkler on that finger sparked speculation that the 40-year-old Twilight hunk had popped the question to the 29-year-old.
But things aren't always as they seem in Hollywood.
Alexander's rep clarified that the ring "is solely a fashion accessory."
Facinelli has been smitten with his former Nurse Betty costar since the middle of last year.
He filed for divorce from Jennie Garth back in May 2012, citing Jan. 1 as the date of their separation, and checking "irreconcilable differences" as the reason for the dissolution.
Their divorce was finalized more than a year later in June 2013.
After their split, the former Beverly Hills 90210 actress opened up about what wrong and said distance played a large role in the demise of their marriage.
"He would do everything he could to fly back every weekend," she admitted. "[But] it took a real toll on our marriage."
The former couple has three daughters together, Luca Bella, Lola Ray and Fiona Eve, whom they share joint custody of.