However, a rep for the actress told PEOPLE the ring is not an engagement ring.
“Katie’s not engaged to anyone besides her fictional movie fiancé, played by Jerry O’Connell,” her rep says.
Holmes has been linked to actor Jamie Foxx since August 2013. The pair has been recently photographed showing more PDA and enjoying time together.
An insider told PEOPLE, “Everyone knows they are dating, but they still want to keep it private.
“After the beach pictures, they only spent time together at home and got extra careful. But this year, they have been more social together. They often go to restaurants for dinner dates, or to hang out with friends.”