The stunning model appeared to reveal a diamond-encrusted rock for the first time on her Instagram story.
It fuelled rumours she may about to get hitched to the 33-year-old Real Madrid superstar.
The new ring comes just months after giving birth to the couple's first child Alana Martina.
Rodriguez was sat in the passenger seat of the ex-Manchester United ace's luxury motor when she showed off the new rock.
She blows a kiss to the camera and reveals the sparkling ring on her right hand.
Leading to rumours of an imminent announcement, the Instagram story was captioned: "Next to my favourite person."
The ring sent social media into meltdown, with many agreeing an engagement was surely on the cards.
One user said: "This is it! It's finally happened. Surely got to be engaged haven't they?"
Another added: "Ronnie is finally settling down! He's found the one and it's only a matter of time."
An excited user said: "All they're fans have been waiting ages for this moment. Can't believe it's finally come."
Ronaldo is preparing for Real Madrid's crunch Champions League second leg against Bayern Munich this Tuesday.
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