Johnny Depp and Amber Heard, who met as co-stars in the film "The Rum Diary" (2011) are engaged.

The 50-year-old actor, who has two children with French actress and singer Vanessa Paradis, was in a relationship with Paradis that lasted 14 years but they never married. Depp has been married once before, to Lori Anne Allison from 1983 to 1985; he was previously engaged to actresses Jennifer Grey, Sherilyn Fenn and Winona Ryder and also had a high-profile four-year romance with Kate Moss.

Amber Heard, 27, was previously in a four-year romance with photographer Tasya van Ree. This is her first engagement.

The couple, who has been dating for a little over two years, were seen together on the red carpet at the Texas Film Awards on Thursday March 6. Heard was wearing a huge engagement ring. According to Us Magazine, an insider noted, "They were holding hands as they walked in and onto the red-carpet." Hosted by the Austin Film Society, the gala honored Heard with the Rising Star Award, which is given to a breakout young Texas actor. Heard, who is a native of Austin,TX, said on stage to accept her award, "No one told me I'd have to speak.This is where I'm from. I'm humbled and honored to be here tonight."

"Of course they couldn't be happier to be engaged and excited to share the rest of their lives together," a source told People. "Amber has really taken well to the kids and really enjoys spending time with them. And she's even taken Lily shopping on her own for some bonding time." Heard and Depp were joined at the even by her parents, Paige Parsons and David Heard. The two actors are set to costar together again in the upcoming "London Fields."

The Texas Film Awards kick off Austin's SXSW Festival, which runs from Friday March 7 through March 16, 2014.