The "Butter" actress was out with a group of friends in Rome, Italy on Sunday afternoon (January 13) and flashed her gorgeous sparkler at the awaiting photographers.
News broke that the "SNL" funnyman proposed to his gorgeous gal earlier that afternoon. Olivia and Jason began dating back in November 2011 and moved in together last fall.
The 28-year-old actress thanked everyone for the warm wishes via Twitter, writing, "Thanks for all the sweet congratulatory love, friends! And may I compliment your savvy use of that nifty engagement ring emoticon."