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Latoya Jackson, Engagement Ring

Jason LaVeris/FilmMagic; ABC

La Toya Jackson is engaged to her longtime manager Jeffré Phillips!

After months of speculation, the 58-year-old bride-to-be confirmed the happy news Wednesday on Good Morning America, saying, "Yes, I'm very much engaged…and it's wonderful!"

The singer also showed off the 17.5-carat diamond engagement ring from her fiancé. He was shown in a clip Living With La Toya, her reality show on OWN, asking Joe Jackson permission to ask for his daughter's hand in marriage. La Toya acknowledged that going before the head of the Jackson family dynasty is no small feat, saying laughingly, "My father, mind you, he's a nice guy, but he's not the easiest person to talk to!"

LaToya Jackson

ItGirl PR

And although La Toya and Jeffré haven't set a date for their big day just yet, they are thinking about their future. "I've always wanted to be a mother, all my life," La Toya gushed, confirming that the couple was considering adoption.

If and when she does become a mom herself, the child might just be named Paris. The reason? A "little known childhood pact" La Toya, her brother Michael Jackson and close friend Kathy Hilton made to name their firstborns Paris.

LaToya Jackson

ItGirl PR

Kathy held up her end of the deal with daughter Paris Hilton, as did Michael years later with daughter Paris Jackson.  "And I still don't have children," said La Toya, noting, "My first dog was named Paris and then Prince."

When asked if there was the possibility of a (human) daughter named Paris in La Toya's future, she answered, "There possibly could be!"

"I don't know just yet for sure," she told GMA, "but I have to wait and see."

Life with La Toya returns this Saturday, June 7, at 10 pm on OWN.