Carrie Ann Inaba and her boyfriend just took a big step in their relationship!

The 48-year-old Dancing With the Stars judge sparked rumors she's engaged when she sported a diamond band on her left ring finger during an appearance on Live! with Kelly on Monday, July 11.

But, Carrie Ann was quick to point out her new bauble isn't an engagement ring — it's a promise ring! "I just met your smokin' hot fiancé backstage," Kelly, 45, said, to which Carrie Ann replied, "Ooh, I love that you called him my fiancé already!"

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"You are engaged, right?" Kelly continued. "No, we're not quite, but that's the plan! But I'm wearing a ring because I like to pretend. It's funny because we actually call each other wife and husband, because we don't like calling each other boyfriend and girlfriend. It feels kind of young… we're 48, so we like being adult," Carrie Ann replied.

Watch Kelly and Carrie Ann on Live! in the video below!