Rod Stewart, 60, proposed to longtime model girlfriend Penny Lancaster, 33, last Wednesday on top of the Eiffel Tower. The couple plan to marry later this year.
This will be the Grammy-winner's third marriage: He was previously married to models Alana Stewart and Rachel Hunter, whose divorce from Stewart is currently being finalized.
"I left it this long because I wanted to get it right this time," the singer said of the five-year relationship in a statement. "I've never been happier and more in love than I am today."
Stewart was the sixth highest-earning rocker in 2004, taking home $34.6 million thanks to the popularity of his Great American Songbook series and tour dates. His songs "Do Ya Think I'm Sexy?" (1978) and "Maggie May" (1971) were recently among Rolling Stone's 50 Greatest Songs of All Time.
Tonight at New York's Waldorf Astoria Hotel, Stewart will induct soul singer Percy Sledge, best known for his 1966 classic "When a Man Loves a Woman," into the Rock & Roll Hall of Fame. Stewart was himself inducted in 1994.