The singer popped the question to celebrity stylist and his girlfriend of three years during a romantic weekend in Cornwall, The Sun reports.
The couple, who share a labradoodle called Reedus, became an item after Grace worked with Ricky on ITV star-search show The Voice UK.
Ricky had been dating TV producer Lesley Williams for five years before meeting his now fiancé Grace.
“Ricky’s decided it’s time to put his rock ’n’ roll lifestyle behind him and settle down," a source told The Sun.
“They already have a little one - Reedus, their two-year-old labradoodle - and he thought it was about time he made things official.
“He whisked Grace off on a romantic trip to Cornwall two weeks ago to properly charm her before asking if she would be his wife.”
Grace has worked with Ricky's band Kaiser Chiefs on several music videos, as well as with her husband-to-be on his TV presenting jobs.
Ricky recently posted a photo of a model in a wedding dress on his Instagram account, promoting designer Cherry Williams.
The caption said "It's been a great week for @cherrywilliamslondon. If you're thinking about getting married in a dress, then your search is over."
Cherry Williams is a London based bridal designer whom Ricky is reportedly an investor of.
A major hint a the bride-to-be's wedding dress per chance?!