An engagement ring – or just bling?

 Elle Macpherson has been spotted wearing some serious bling on her engagement finger – but nobody is saying whether she’s actually engaged or not.

The 49-year-old Aussie supermodel, who still looks half her age, has been dating American billionaire property developer Jeffrey Soffer, 43, for about two years. So, unsurprisingly, after she stepped out in London earlier this week sporting a huge rock (on that finger), reports started swirling that the couple were engaged.

Elle and Jeffrey called it quits last year, however they are believed to have rekindled their romance after Jeffrey survived a fatal helicopter crash in the Bahamas in November 2012.

If the engagement is real, Elle’s marriage to Jeffrey will be her second. She was previously married to photographer Gilles Bensimon (from 1986 to 1989). Jeffrey has never been married, but has previously dated Kate Hudson.

Neither Elle nor Jeffrey’s camps are yet to confirm the engagement.