See more photos of the supposed engagement rings here.
Delevingne or Benson has yet to confirm or deny the rumours just yet.
Confirmation that the pair were dating first came from Delevingne at the TrevorLIVE Gala red carpet in New York City which also just so happened to be the glamorous couple's one-year anniversary.
The model/actress even gave Benson a special shout-out during her acceptance speech after being awarded a 'Hero Award' at the star-studded evening.
She said, "I also have another very special woman in this room to thank and you know who you are. She's one of the people who helped me love myself when I needed it most and I really needed it."
WATCH: Cara Delevingne And Ashley Benson Go For Date Night In France