Don’t break out the champagne just yet. Despite wearing a beautiful new pink diamond ring lately, Tara Reid and her boyfriend Michael Axtmann are not engaged. At least, not yet.

“I got a beautiful ring from my boyfriend for my birthday last weekend,” Reid, 34, tells PEOPLE exclusively. “But we’re not engaged … yet!”

Engaged or not, it sounds like Tara is quite happy with her new man, and her new jewelry.

Tara, who will be gracing Playboy’s January/February 2010 issue, began dating Axtmann, an Internet entrepreneur earlier this year.

[Images by Zibi/WENN.com]

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