Bret Michaels has denied a report that he is engaged to Kristi Lynn Gibson, his on-again, off-again girlfriend of 16 years.

"No, we are not engaged yet, it's a work in progress," Michaels said during a Wednesday appearance on CBS' The Early Show.

Michaels was responded to a Tuesday report in which Star magazine claimed the former Rock of Love star and recent The Celebrity Apprentice winner had proposed to Gibson, whom he has two daughters with, while home from his Roses & Thorns concert tour last week.

According to the report, Gibson was spotted wearing what appeared to be an engagement ring when she accompanied Michaels to an appearance on The David Letterman Show on Monday.

"What happened was she has a beautiful promise ring.  It's a promise ring -- a friendship ring, with benefits.  That's what we call it," Michael told The Early Show.

"It's a work in progress, absolutely.  She's a beautiful woman, she's strong, I love her.  We respect each other and I think that's the start of a great relationship."

Michaels and Gibson reunited after the third and final edition of his Rock of Love reality dating show and she's remained by his side during his recent health struggles, which included a life-threatening brain hemorrhage in April.

"The first time it came around, I had just broken up with Kristi -- we'd just come apart -- and when I went in to do it, I got to be honest, the first time I kind of turned it down," he said of the VH1 dating show. 

"They wanted to script it and all this stuff and I was like, 'I don't work like that' so they're going to have to just let me do what happens.  And we went in there and it was a lot of debauchery [and] fun.  A lot of sucking face and it was good and I had a great time but the truth of it in the end was that the girls on the show, Rock of Love, made it great.  I had a great time doing it but it was time to move on."

Michaels is currently working on Bret Michaels: Life As I Know It, a new docu-reality series that will air in VH1.

"It comes out this fall and what's great about it is it I get a chance to show everything that goes on in my life," he said of the new series.