Jennifer Lopez’s love don’t cost a thing — but a ring!

The singer is engaged to former MLB player Alex Rodriguez, he announced via Instagram on Saturday.

“She said yes,” Rodriguez, 43, captioned a photo of Lopez, 49, wearing her stunning diamond engagement ring as he holds her hand.

Lopez shared the romantic image on her Instagram, too, including eight black heart emojis in her caption.

Benny Medina, Lopez’s long-time manager, also confirms the news, while Rodriguez’s rep Ron Berkowitz tells PEOPLE, “They are on vacation and got engaged today.”

According to an insider, Rodriguez popped the question during their getaway in the Bahamas.

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she said yes ♥️

A post shared by Alex Rodriguez (@arod) on