Katy Perry Ring a Gift From John Mayer: Cost $5,000 (PHOTO)

Katy Perry spent Valentine's Day with boyfriend John Mayer and was treated to dinner and a ring, although sources say the celebrity couple is not engaged.

Perry was spotted walking around town with a large, red, heart shaped ring on her engagement finger. The placement of the ring prompted some to believe that the star may have become engaged to boyfriend John Mayer. Sources however, have stated otherwise and suggest that the ring was just a gift.

"[They're] not engaged," a source told People, referencing Perry's new, gold sparkler.

The magazine confirmed that the ring was purchased at Daniel Gibbings Jewelers, a local jewelry shop in Perry's hometown of Santa Barbara, Calif. The ring is not classified as an engagement ring and is listed on the jewelers website under the "Collections Rings."

Perry's heart-shaped ring most closely resembled the 20K Petite Gold Cabochon Ruby Heart Ring made by the jeweler, with a price tag estimated at around $5,000. The ring was apparently a popular Valentine's Day choice and was sold out by Monday.

Mayer was "really super nice" while shopping for the ring, a source told People. The gift also appeared to be a nice Valentine's gesture for Mayer, who has become notorious for being a "jerk" of a boyfriend. Taylor Swift's "I Knew You Were Trouble" lyrics are allegedly about him.

During a recent interview on CBS This Morning, Mayer explained that his relationship with Perry was unlike any of his others.

"I don't feel like I'm in a celebrity relationship," the singer-songwriter said of dating Perry. "For the first time in my life I don't feel like I'm in a celebrity relationship. I really don't. I'm not in a high profile, I know it's high profile. It's hard to explain."

The couple has been dating since August and spent Valentine's Day over dinner.