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PHOTO: See Olivia Wilde's Engagement Ring!

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There’s nothing funny about Olivia Wilde’s engagement ring.

The actress showed off her oversized sparkler this week while on the Rome set of her latest film, The Third Person. Wilde and Saturday Night Live star Jason Sudeikis became engaged shortly after the holidays, they told PEOPLE exclusively this weekend.

“They are so excited,” says a source close to both. “And very, very happy.”

Though it’s hard to see clearly in photos, the ring appears to be a large, elevated brilliant-cut diamond. A rep for the actress tells PEOPLE the bauble is an antique.

Wilde and Sudeikis were first spotted out together in Lawrence, Kan., in December of 2011, taking their romance to Austin, Texas, Rome and New York City in the following months. In mid-2012, they moved in together in Manhattan.

After the couple shared their big news, Wilde took to Twitter to acknowledge her fans’ support. “Thanks for all the sweet congratulatory love, friends,” she wrote. “And may I compliment your savvy use of that nifty engagement ring emoticon.” Tell us: Are you a fan of Wilde’s ring? What’s your favorite diamond cut? 

–Kate Hogan

PHOTOS: TAKE A LOOK BACK AT THE BIGGEST STAR ENGAGEMENT RINGS OF 2012!

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