A representative for the former star of "Spin City," "Melrose Place," "T.J. Hooker" and "Dynasty" confirmed her engagement Friday.
Wagner is a daytime drama veteran, having starred on "General Hospital" and "The Bold and the Beautiful," as well as the nighttime soap "Melrose Place" with Locklear.
Locklear and Wagner have been dating since 2007.
Locklear, 49, was previously married to rockers Tommy Lee and Richie Sambora. She and Sambora have a daughter.
Wagner, 51, was married to his "GH" co-star Kristina Malandro. They have two sons.