The couple - who have been dating since 2006 - have announced they are taking their relationship to the next level after the 98 Degrees singer popped the question on a beach in California on 04.11.10.
In a joint statement, the pair said: "We`re excited and incredibly happy about our engagement and we look forward to a wonderful future together."
Nick - who divorced singer Jessica Simpson in 2006 after nearly four years of marriage - took to twitter to tell his fans he "couldn`t be happier".
The 36-year-old star tweeted: "Hey all. If anyone`s heard the rumours of my engagement, they are absolutely true! Vanessa and I couldn`t be happier. Thanks for all the love."
Vanessa, 29, recently revealed the pair like to keep their relationship "intimate" by showering alongside each other twice a day.
She said: "We shower, honestly, at least twice a day. We shower in the morning and we shower at some point during the day or before bed. It`s so funny because we`ve turned it into an intimate time for each other.
"We both have our own shower heads so we just talk while we`re soaping up and doing our hair. It`s not a sexual thing and it`s not a romantic thing, it just becomes an intimate thing."