Updated

Megan Fox took to Instagram on Friday to debunk rumors of an engagement between her and Machine Gun Kelly

In a new Instagram Story, the actress gave an up-close and personal look at the piece of jewelry that ultimately sparked the rumors  — which is actually a ring that reads "F--K YOU." She captioned the snapshot with a side-eye emoji.

Fans have noted that Machine Gun Kelly  -- real name Richard Colson Baker -- has worn the ring in the past.

The "Transformers" actress, 34, first sparked engagement rumors after she was spotted rocking the large ring following a New York City outing on Thursday.

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Megan Fox quickly shut down rumors that she and Machine Gun Kelly were engaged after she was spotted wearing a ring on Thursday. 

Megan Fox quickly shut down rumors that she and Machine Gun Kelly were engaged after she was spotted wearing a ring on Thursday.  (Getty)

In photos obtained by People magazine, Fox was seen with a large sparkler on her left ring finger — prompting rumors that the "Swing Life Away" rapper may have popped the question to Fox.

Fox and Kelly are currently in the Big Apple for "Saturday Night Live," where the 30-year-old artist is set to perform on Jan. 30.

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Kelly and Fox met while filming the upcoming movie "Midnight in the Switchgrass." They started dating after Fox’s split from her husband, actor Brian Austin Green

The actress, 34, and the musician, 30, started dating after Fox's split for estranged husband Brian Austin Green.

The actress, 34, and the musician, 30, started dating after Fox's split for estranged husband Brian Austin Green. (ABC via Getty)

The former pair were married for nearly 10 years and are parents to sons Noah, 8, Bodhi, 6, and Journey, 4. Green confirmed they separated last May, with Fox ultimately filing for divorce in November. 

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Speaking in an interview with Nylon about her relationship with Kelly, Fox explained that she saw something of "mythic proportions" when she first met the rapper-turned-singer. Above all, she notes that she finds him looking to her to improve himself, which she finds very attractive.

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"There’s never an attempt to control him on my end," Fox told the outlet. "It’s more that he looks to me to avoid his own self-destructive tendencies. And that’s where I'm useful because, on his own and left to his own devices, I don’t know how much interest he has in caring for himself."

Reps for Kelly and Fox did not respond to Fox News' requests for comment. 

Fox News’ Tyler McCarthy contributed to this report