"Modern Family" star, Sofia Vergara, was spotted walking around sporting a mighty massive sparkler on her ring finger which set of a flurry of engagement rumors. The 42-year-old actress is currently dating "True Blood" actor, Joe Manganiello, 37.

But, sorry folks. To those who want to see Vergara walk down the aisle in a wedding dress, you'll have to wait a bit longer because the Colombian is not tying the knot anytime soon.

According to HollywoodLife.com, the beauty was wearing a ring from her newly launched collection for Jay Jewelers. Being the keen business woman, she recognizes that she's got the perfect platform to advertise her new line... Herself!

"The ring is a purple topaz. She is loving her new Kay Jewelers line and this ring is from her collection," revealed a source in the know to the entertainment site. Additionally, the star was sporting not only the ring but a matching necklace, also from the same line.

Now, if you're wondering what a gem like that would go for, according to Fox News Latino, "The ring would appear to be the amethyst and diamond ring from her collection, which is priced at $1,179, while the matching necklace features a larger amethyst surrounded by diamonds on a rose gold chain."

The brilliance of the jewels were a stark contrast to the casual ensemble Vergara donned. She wore jeans, dark shades and a white loose top and completed her style with a black Berkin bag hanging off the crook of her arm.

Vergara and Manganiello have only been dating for about a month following her split with businessman and ex fiance, Nick Loeb. Announcing their breakup on her WhoSay page, she said: "Not that anyone should care, but in order to not give the press the chance to invent crazy and hurtful drama, I prefer to tell my fans personally that Nick and I have decided to be apart.

"We have being having too many problems with figuring out how to spend time together and because of my work and now his, its been getting worse and worse, not fun anymore," Vergara continued. "We are still very close but we believe is the best thing for us right now."

Vergara and Manganiello have been seen around town being extra sweet with each other. They were also spotted having fun at Justin Timberlake's L.A. concert last week.

HollywoodLife.com sources revealed that, "Joe and Sophia are very happy."

They continued: "This is all new and fun and exciting. Joe is over the moon for Sophia. Crazy love stuff!"