The 38-year-old Frankel -- who finished as the runner-up on The Apprentice: Martha Stewart -- was spotted on Saturday wearing a diamond ring, according to Us.
While the bling Frankel was sporting might not be an official engagement ring, a source close to the couple told Us that a proposal is "on the way."
"I guess this is the starter ring," Frankel's rep told Us.
Frankel and Hoppy, who works in real estate, have been dating for eight months and first met at NYC nightclub Tenjune.
"I'm in love," Frankel told Us at a recent event in the Hamptons. "I'm pretty much certain I'm going to spend the rest of my life with him... I'm really happy."
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