media_removed_toofab 102011

Evan Rachel Wood set off engagement rumors this weekend after she stepped out with a big sparkler on her ring finger ... but is she planning to tie the knot?

Considering the two were reportedly hunting for engagement rings back in December and just returned from a vacation together in Mexico, an engagement certainly seems possible. Plus, a "source" close to the couple tells Us Weekly that Jamie did pop the question.

But Bell tells a different story.

While reps for neither actor have responded to numerous requests for comment, we heard from Jamie himself Saturday night at Hotel Cafe -- the same place Evan was spotted wearing the ring.

"It's not true," he told us at the time.

Check out the exclusive video below -- who do you believe?

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