The highly successful 39 year old entrepreneur is said to have proposed to Cassie, real name Cassandra Ventura. The sexy singer is signed to Diddy's Bad Boy record label and is 18 years his junior!

A source tell that Diddy who has 6 children, let slip his news at his son Justin's eighth grade graduation ceremony last month.

One insider says "He told everyone to keep it extremely quiet because he didn't want it to get out."

A statement issued said that this report is un-true,

"Contrary to any reports made, there is no engagement. This was a complete fabrication," said P.Diddy's spokesperson.