The pair were seen going out for Valentine's Day dinner while Perry sported the heart-shaped ring made by Santa Barbara, Calif., jewelry designer Daniel Gibbings, E! reported Friday.
Perry's representative declined to comment on the star's relationship status.
In an appearance on CBS' "Sunday Morning," last weekend, Mayer said he thinks he'll eventually tie the knot one day.
"I mean, I'm still the kid from Connecticut. That's what you do," he said.
Swim Week Miami Beach 2014 [PHOTOS]