Locklear and Wagner, who appeared together on the 1990s television series "Melrose Place," have been dating for about two years.
Locklear was previously married to Bon Jovi rocker Richie Sambora and Wagner to soap opera actress Kristina Malandro.
Usmagazine.com said speculation Locklear and Wagner are making wedding plans started after the actress was seen wearing a diamond on her ring finger.
However, Locklear's representative insisted to the magazine, "She is not engaged."
Notable deaths of 2014 [PHOTOS]
Mindy Kaling mistaken for Malala Yousafzai