The couple, who have been dating for two years, is said to be planning a USD 20 million wedding in the Middle East next year, reported the New York daily News.
"(He) gave her a huge, expensive ring. She's afraid it will get lost, so she keeps it locked up. She wants kids. If she can't have them, she will adopt," a source said.
The third time might be a charm for Jackson, 46, who was previously married to James De Barge manager Rene Elizondo. She was also rumored to be secretly married to then-boyfriend Jermaine Dupri in 2009.