However, it seems that the couple is not getting ready to walk down the aisle anytime soon.
An insider told E! News that the "speculation is not true at all."
"They are not engaged," the source said.
Jenny Luker, the president of Platinum Guild International USA, told the publication that the rocks seem to be "matching Toi et Moi rings," which are usually given as gifts "because it symbolizes the union of two people."
Danielle Leeann Chin, a diamond stylist at Ultimate Diamond, told E! News that the style of ring is "representative of any type of love and everlasting bond, such as that between family—especially mother and daughter."
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Jenner's ring is estimated to have cost around $300,000 and is between ten and 12 carats of diamonds. Stormi's ring is believed to have cost $40,000 and has between two and five carats.
An insider previously told OK! that the coparents "have tried to be monogamous, but it’s been more of a challenge than they thought it would be."
”Kylie’s longed to give Stormi a sibling, but it will be a challenge if she and Travis can’t make it work," the insider explained. "She tends to drive him crazy with all her rules, particularly when it comes to the secrecy surrounding her pregnancy."
"Travis will be a good dad no matter what, but there’s a chance they’ll go back to being coparents instead of a couple," the source spilled.
Jenner and the rapper were first linked in 2017. The pair welcomed Stormi in 2018. The Keeping Up With The Kardashians alum announced her second pregnancy in September, but it's not clear when she's expecting the new bundle of joy.