"He was a jeweler. Now, he's a psychologist," Shepherd told the newspaper. "He's Serbian."
Shepherd, 62, is known for her roles on TV's "The Client List," "Cybill" and "Moonlighting," as well as in the films "Taxi Driver" and "The Last Picture Show." She was previously married and divorced twice, and is the mother of three adult children.
Shepherd told the Daily News Nikolajevic asked her to marry him several weeks ago in New York City.
"It was very romantic and on one knee," the actress and former model said. "I never thought I'd get married again."
She did not say how long she has known Nikolajevic or when she plans to marry him.