Miranda Kerr has a ring on her engagement finger.

Miranda Kerr has finally stepped out in public with her billionaire boyfriend, Evan Spiegel. And the couple have everyone in a flurry asking about what the bling on her ring finger means.

Apparently the ring is just part of her accessories, but it’s definitely something very sparkly on her engagement finger.

Let's just take a closer look at the ring on 'that' finger that Kerr is so effortlessly holding out for the world to see...

The 32-year-old was looking gorgeous in white alongside her beau for their first public outing. The duo have been keeping their relationship private - except for the paparazzi shots they couldn't avoid.

Here's Kerr on the red carpet at the event (Post continues after the video)...

The red carpet appearance was at the Beverly Hilton hotel for the Grammy Gala and Salute to Industry Icons.

The 25-year-old co-founder and CEO of Snapchat had spent Christmas with Kerr and her family in Australia, in December last year.

We'll just have one more look at that shiny ring finger.

Kerr has been married before to Hollywood actor Orlando Bloom. The A-list couple have a five-year-old son together, Flynn.

The Victoria Secret Model and Snapchat CEO look very happy together. We hope there may be wedding bells, but we know we may be getting ahead of ourselves.

What do you think?