Iggy Azalea engaged to Nick Young

Iggy Azalea is engaged -- and yes, the ring is "Fancy."

Her boyfriend, Los Angeles Lakers player Nick Young, proposed to the Australian rapper on Monday night and both shared the big news on Instagram.

"Happiest Day #Isaidyes," Azalea, 24, captioned a photo showing the enormous ring.

Young, 30, added, "She said yes. It's over man. I'm getting married!"

The ring, which Young designed with the help of jeweler Jason Arasheben of Jason of Beverly Hills, boasts an 8.15 carat fancy intense yellow diamond surrounded by 2.28 carats of white diamonds, all set in white gold.

"Nick was very involved in designing the ring. We wanted it to be both a ring of Iggy's dreams and a ring that fit her personal style. It is always an honor when a client trusts me to help design a ring that symbolizes one of the most important decisions of their life," Arasheben said in a statement.

The news comes days after Azalea officially canceled her "Great Escape" tour, which was due to kick off Sept. 18 in San Diego after already being pushed back due to "production delays."