The singer was spotted in a photo on celebrity photographer Terry Richardson's blog, in which she's seen showing off a ring on her engagement ring finger.
The photo sparked rumours with the caption, "GaGa showing off her new engagement ring!"
Sources close to GaGa tell TMZ that the popstar is not engaged, and that the ring has no significant meaning.
Lady GaGa was reported to have recently split from boyfriend Taylor Kinney after problems sustaining a long-distance relationship.
The 26-year-old will be featured in the upcoming finale episode of animated show The Simpsons.
Watch Lady GaGa in her video for 'Born this Way' below: