Third time's a charm! Reports are flooding in that American Idol judge and rock icon Steven Tyler, 63, is ready to walk down the aisle again, this time with girlfriend of five years, model Erin Brady, 38.

The rumors started flying this week, when Brady was photographed sporting a diamond on her left ring finger while she and Tyler were vacationing in Hawaii, according to Us Weekly.

While Tyler and his alleged bride-to-be have stayed mum on the subject, the designer of the engagement ring, Loree Rodkin, confirmed that they're planning to tie the knot. "Having made Steven's jewelry for so many of the past years it was an honor to be part of his future … with all my love to Steven and Erin," she told the magazine in a statement about Brady's new 5-carat diamond ring with a platinum band.

Rodkin also mentioned that the proposal was a surprise, as she was corresponding with Tyler while designing it. "He was working, so I picked stones, built settings, showed him choices and sent him pictures on his phone," she told People. "He asked for guidance but the choice was his," Rodkin added.

Tyler has previously been married to clothing designer Teresa Barrick and former Andy Warhol model, Cyrinda Foxe, from whom he divorced in 2006 and 1987, respectively.

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