Did Swizz Beatz put a ring on Alicia Keys finger? That's the topic that has the rumor mills churning.

The super producer is rumored to have surprised Keys recently with a 7-carat engagement ring for her 29th birthday.

While Keys' reps have reportedly denied the engagement rumors, sources told US Magazine that it is, in fact, true ... and they've been celebrating in Hawaii since it took place.

"They are currently in Hawaii celebrating the engagement and her birthday. She feels blessed," the undisclosed source claimed.

"She is thrilled. She is with the man who has inspired so much of her music and her new album [The Element of Freedom]," the source added.

Fueling the rumors were photos taken of the pair in Hawaii, in which Keys is seen rocking a big fat diamond ring!

Keys has been the center of who gossip hounds say broke up Swizzy's marriage to singer Mashonda.

Mashonda has taken to the Internet several times to address Keys since her legal separation from Swizz Beatz ... seemingly confirming rumors that the R&B superstar did contribute to their split.

She even penned an open letter to Keys back in September. She wrote to Keys directly saying: "If you are reading this Alicia, let me start by saying, you know what you did. You know the role you played and you know how you contributed to the ending of my marriage. You know that I asked you to step back and let me handle my family issues."