Mayer reportedly gave Perry a 'commitment' ring as a Valentine's Day gift, reports Metro.
The couple sparked rumours of an engagement when the 'Firework' singer was spotted wearing the heart-shaped ring on her engagement finger during a dinner with Mayer earlier this week.
However, friends of the singer revealed that the pair will not be getting engaged in the immediate future.
"They aren't engaged and I wouldn't anticipate to see them engaged anytime soon," one friend said.
Another individual close to Mayer said that he is hoping to show that "his bad behaviour towards women has changed now". He has dated a number of high-profile stars including Taylor Swift and Jennifer Aniston prior to his relationship with Perry.
The 35-year-old recently said of the relationship: "I don't feel like I'm in a celebrity relationship. For the first time in my life, I don't feel like I'm in a celebrity relationship, I really don't.
"I'm not in a high-profile - I know it's high-profile, it's hard to explain. It doesn't feel that way to me - and great."
Perry divorced comedian Russell Brand at the end of 2011. She is currently working on her next studio album, the follow-up to her record-breaking album Teenage Dream.
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