The "Fancy" hitmaker first sparked speculation about her relationship status last week (ends July 05), when she shared a post on her Instagram Story timeline, in which fans noticed a large sparkler on her left ring finger.
Iggy and Carti have remained quiet about the gossip surrounding their romance, but the Australian star isn't doing much to silence the claims, and on Wednesday (July 10), flashed the same ring, which features a cushion-cut centre stone surrounded by smaller diamonds, as she showed off her manicure.
She simply captioned the post with a series of vomiting emojis, seemingly referencing her nails as "sick", but it was the attention-grabbing piece of jewellery which drew the most comments from fans.
"Are we just going to IgNoRe this gorgeous ring???" asked one follower, while another wrote, "OMG (oh my God) ARE YOU ENGAGEDDDDD (sic)".
A third person remarked, "Playboi put a ring on it? Or are you spoiling yourself".
Iggy, 29, has yet to respond.
She has been linked to Carti since September (18), and although the couple has kept its romance relatively low-key, the 22-year-old revealed he was smitten and had moved in with her in December.
"Once I started talking to her, I just cut off everybody. It was over with," he told Fader. "I support everything she does."
If Iggy is engaged, it won't be her first time as a fiancee - she previously accepted a marriage proposal from basketball star Nick Young, but called off the relationship in 2016 amid reports of his infidelity.