The reality TV star and stunning model are thrilled to be planning their wedding despite their romance hitting the rocks last summer.
After a brief break-up, the two got back together and are said to be going full steam ahead.
'We're excited and incredibly happy about our engagement and we look forward to a wonderful future together,' the couple reportedly told US Weekly magazine in a statement.
Nick, 36, and 29-year-old Vanessa began dating in 2006 and both have birthdays coming up on November 9.
'They're so happy, doing great,' a source told the magazine. 'They're thrilled about it.'
Nick began his last marriage by doing reality show Newlyweds: Nick and Jessica, but Minnillo is reportedly not so keen on playing out their relationship in public.
Jessica is now happily in love with former NFL player Eric Johnson. She separated from Nick after three years.
Last November, Nick told an Atlanta radio show, 'I definitely want to be married again.'