Bret Michaels: I'm NOT Engaged To Kristi Lynn Gibson

UPDATE: Bret is NOT engaged, he told the Early Show Wednesday. He said Kristi's new ring is "a promise ring ... a friendship ring, with benefits. That's what we call it."

We are not engaged yet," he said."We're a work in progress."

PREVIOUSLY: Bret Michaels is engaged to his off-and-on girlfriend of 16 years, according to Star.

A source told the magazine he proposed to Kristi Lynn Gibson, the mother of his two daughters, just after the July 4 weekend at his ranch outside of Scottsdale. See a pic of her ring here.

Bret reportedly decided to propose after narrowly surviving a brain hemorrhage in April.

"Bret felt like now was the time because Kristi has been through so much with Bret and has been by his side every step of the way," another source told Star.

Bret is currently touring and the wedding will reportedly take place when the tour is over and he has a clean bill of health.