According to the publication, Hill popped the question with a 5-carat princess cut ring during the grand opening of Bailey's new business, The Bailey WineCellar in Atlanta.
Hill planned out the whole surprise affair with the help of celebrity event planner Courtney Ajinça. Surrounded by their family and friends including -- Bailey's daughter Noelle Robinson, 19, and Hill's two daughters, Kayla, 17, and Ashlee, 19 -- the sports journalist pretended to be giving a toast to Bailey when Kayla interrupted and gave her dad a bottle with a question mark on it.
Handing over the bottle Kayla said, "No dad, I think you should propose like this." Hill then asked Noelle for help opening the champagne and she handed him the ring box instead. Hill then got down on one knee and popped the question. All three girls gathered behind the sportscaster and held up a sign that read, "Can we be a family?"
According to the publication, Bailey turned into a "ball of emotions" and broke down in tears when she realized what was happening. After quickly answering yes, the crowd clapped for the newly engaged couple. An insider at the event said everyone chanted "Congratulations Chill," the couple name the duo created on social media.
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On Saturday afternoon, Bailey shared a sweet post on Instagram, above, where she thanked everyone for their congratulations. She also showed off her stunning ring!
"thank u 4 all the love & well wishes," she captioned a photo with Hill at a lake. Bailey also tagged her future husband and added the hashtags "#CHill #morningafter #love #lakebailey #thechillfactor"
This will be the second marriage for both Hill and Bailey, who was previously married to Peter Thomas from 2010 in 2017.
The reality star, who has been together with Hill for over a year, told PEOPLE back in December that the two "talk about getting married all the time," with Bailey saying she was hoping for a proposal "soon."
"You know, we've both been married before, so marriage is something we both understand," she added. "We're not jumping into this blind. We both have kids and we both love each other very much. We know marriage is the next step."
Bailey is currently filming Season 12 of "RHOA," while Hill works at Fox Sports 1 in Los Angeles. The reality star told Bravo back in January she spends most of her time in LA and plans on moving in the future.