Nick Young and Iggy Azalea
Nick Young and Iggy AzleaGetty

Congratulations are in order for rapper Iggy Azalea who is now engaged to NBA player Nick Young.

The Fancy hitmaker said "yes" after the Lakers star popped the question at his 30th carnival-themed birthday party with a huge diamond ring.

In a clip making the rounds online, Young can been seen on one knee asking the all-important question "Would you marry me?" to which an overwhelmed Azalea responds "Yes".

According to reports, the 24-year-old Australian rapper's 10.43 carat engagement ring was custom-made by Jason of Beverly Hills. Her new accessory features an 8.15 carat Fancy Intense Yellow cushion cut centre stone with 2.28 carats of white diamonds set onto 18 karat white gold and is worth an estimated $500,000.

"It was a beautiful celebration for Nick with only his close friends and family. Nick completely surprised Iggy with the proposal. She was shocked and so excited and emotional at the same time," a source told E! News.

"Nick has known for a long time Iggy was the one for him, but he was just waiting on the perfect time to pop the question. They both have gotten very close these past few months and he can't think of anyone else to spend his life with but her. One of the most important things about Iggy is the way she is to his son."

Although the couple have yet to officially announce their engagement- which comes almost two years after they started dating-, they have already been flooded with congratulatory messages.

The Real's Jeannie Mai, who was one of the people present posted a photo to her Instagram of the happy moment captioned: "BEST NIGHT EVER for@thenewclassic & @swaggyp1. Congratulations- praying #HappilyEverAfter over you both #HeProposed!!!"

In 2014, Azalea revealed that she chose an unusual venue for their first date back in September 2013 because she wanted to get to know him.

"I was like 'Target is my favourite place! I want to go to Target,' so I made him [go]," she said during an appearance on 105.1's morning show, The Breakfast Club.

"You can learn so much about someone at Target!" she explained. "You can really get to know someone at Target, like what kind of quilts are you into, what's your favourite movies? What kind of snacks do you like?"