The 43-year-old former New York Yankees star proposed to the 49-year-old singer and actress during a trip to the Bahamas, after two years of dating. A source told E! News that A-Rod had recently begun telling friends that he would propose to J.Lo this year.
Both J.Lo and A-Rod announced their engagement on Saturday night at the same time via a photo of her wearing a massive emerald-cut diamond engagement ring, which is estimated to be worth at least $1 million.
"Jennifer absolutely loves the ring Alex selected for her," the source said.
"The proposal was a complete surprise," a second source told E! News. "Jennifer had no idea he was planning on doing it. Alex was very happy he was able to pull it off without her knowing."
"They've been madly in love since very early on in the relationship and he has made it very clear he wanted to marry her," the source said. "But she had no idea it was going to happen on this trip."
The first insider also told E! News that Lopez and Rodriguez have "already combined most of their finances, and recently purchased a new home in Malibu, telling their friends that this would be their new home base for them to spend time together as a blended family." This, the source said, led their friends to believe the engagement was coming soon.
Lopez and Rodriguez have sparked engagement rumors multiple times.
"Many of those close to them feel this engagement is long overdo," the first source said.
This will mark the fourth walk down the aisle for J.Lo, who shares 10-year-old twins, Max and Emme, with ex-husband Marc Anthony, and second for A-Rod, who has two daughters, Natasha and Ella, from one previous marriage. The blended families have spend much time together over the past couple of years.
"Jennifer is head over heels in love with Alex and thinks that he will be an amazing step-father to her children," the first source told E! News. "Their families couldn't be more supportive of their love and believe that these two are truly soul mates. Alex loves her kids so much and Jennifer loves his kids so much, and the kids all love each other. With two families already blending together so well the marriage will likely only bring everyone even closer, if that's possible."
"Jennifer is happier than she's ever been and is excited to make it official with her children and Alex's children," the second source said. "They are a family unit and this next step is important to all of them. Alex especially felt it was very important to make Jennifer his wife. He wants to go forward and make a lifelong commitment to her because they are soul mates."
So when will J.Lo and A-Rod walk down the aisle?
"Alex has hinted at wanting to celebrate with a huge wedding," the first source told E! News. "But no official plans have been made and no date has been set."