updated 08/16/2010 AT 12:50 PM ET
•originally published 08/16/2010 AT 1:00 PM ET
False alarm – George Clooney hasn’t given up his famous bachelor status just yet.
Though girlfriend Elisabetta Canalis flaunted some new jewelry on her ring finger this weekend, turns out the serious bling was actually a napkin ring, Clooney’s rep tells PEOPLE.
Engagement rumors started after the Italian TV presenter, 31, was spotted holding up her left hand and jokingly showing off the faux bauble while dining with the actor, 49, and some friends in Italy.