If the pair did indeed wed, it would be a whirlwind romance. Word that the two were seeing each other first surfaced in the last few weeks. Last Saturday, Carey was seen sporting a huge diamond ring on her finger at the Tribeca Film Festival premiere of her movie, "Tennessee," in which she plays a waitress. Cannon was at her side at the party. Speculation swirled that the couple were engaged.

The Ring: "The total carat weight of the ring - center stone is 10 carats - is a jaw-dropping 17 carats with a value of $2.5 million."

Cannon does have experience with engagement rings. The actor, who has previously romanced singer Christina Milian and voluptuous reality star Kim Kardashian, last year gave a 15-carat stone to Victoria's Secret model Selita Eubanks as he proposed in grand fashion - on the Jumbotron in New York's Times Square. Cameras were flashing as she said yes. They split just a few months later.

This would be Cannon's first marriage but Carey's second. She famously wed top music executive Tommy Mottola in an extravagant wedding in 1993. They had a bitter divorce in 1998.

Cannon has put out a rap album, but is best known for his role in the movie "Drumline" and a Nickelodeon TV series (yes, Nickelodeon - Cannon is 11 years Carey's junior). He's featured in Carey's upcoming video for "Bye Bye."