OK, so we know it's definitely not an engagement ring unless Kim has a weird sense of humour but it's on the correct finger and it has Kanye's initials on it.
Cryptic ring talk, much? Do we smell a wedding on the horizon? We think (hope) we most certainly do.
And what a wedding it would be, we wonder if they will do it on telly?
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However, before she can get married Kim still needs to sort things out with her present husband Kris Humphries.
Yep, they might have been married for only 72 days but getting divorced is proving much more time consuming.
So until the divorce is finalised it's believed Kim and Kanye will have to make do with a 'commitment ceremony'.
Basically, there will still be the party and the rings, just nothing legal.
But if Kim does become a Kardashian-West eventually then this will be her third marriage.
Kim filed for divorce from Kris Humphries after just 72 days and her first marriage to music producer Damon Thomas ended in 2004 after four years.
Still, she is having Kanye's baby soon so it probably would be nice to seal the deal.
Now, if you'll excuse us we're off to pick out hats.