TMZ reports the couple were photographed in Maui on Christmas Day and that Brady was sporting a new diamond ring on her finger.
TMZ says that sources close to the Aerosmith singer tell them that it is, in fact, an engagement ring.
The two have been dating since 2006. Tyler has been married twice before, to Cyrinda Foxe in 1978, and clothing designer Teresa Barrick in 1988.
Check out the TMZ story – including photos – here.
Tyler returns to the judge's chair for the premiere of American Idol on January 18; a new Aerosmith album is expected in the spring.
See also:
VIDEO: Steven Tyler talks American Idol with Oprah
VIDEO: Steven Tyler featured in new American Idol promo
