Elle MacPherson debuted her gigantic engagement diamond ring at a charity event in London Tuesday night and was all smiles as photographers snapped pictures of her. 

According to E Online, the beauty model has yet to confirm her engagement to billioinaire Jeffrey Soffer, but sources have confirmed the couple is indeed on their way to marriage. 

A source told Access Hollywood that MacPherson said 'Yes' to the Miami-based businessman - who is also a hotel heir - and plans to work on their relationship to allow now distant communcation affect their relationship this time around.

MacPherson flashed the beautiful jewel on her left hand when she attended the Dog Jogger fundraising event at No3 Cromwell in South Kensington, The Daily Mail reported. 

See PHOTOS of the ring here. 

MacPherson was formerly married to photographer Gilles Bensimon for three years and has two sons Flynn, 15, and Cy, 10- from a previous relationship with London financier Arpad Busson, US Weekly reported.

The former Fashion Star host, 49, and Soffer, 43, dated for two years before calling it quits in March 2012. Though Macpherson briefly dated Roger Jenkins after she and Soffer were in a relationship, she and her fiance reportedly rekindled their relationsip after the real estate developer got badly injuredi n a November helicopter crash.The helicopter which was also carried one of Soffer's employees Dan Riordan and his wife crashed at the Baker's Bay Golf and Ocean Club on Great Guana Cay in the Abacos Island chain on Thanksgiving Day.

"Jeff is very shaken up and mourning the loss of his friend. Elle is landing in Miami imminently to visit him and offer her support at a very tough time," a source said at the time.

MacPherson has yet to confirm her engagement to Soffer via her Twitter account and a wedding date has yet to be announced.