The pair met during ITV2's second series of the dating show last summer and have stuck together ever since.
In a recent joint interview, Alex hinted at a proposal in the New Year but quickly added: "I'm not gong to say anything because she's right here. "
"It's on the cards, but who knows when," Olivia added.
As for what would make her say yes if/when Alex pops the question, Olivia said: "Anything he does makes me cry!
"I've never really thought about it, because I've never been one to believe in marriage, because my parents split up. Anything would be my perfect thing, as long as it happens."
Well Olivia didn't have to wait long, with Alex flying her out to New York for New Year's and getting down on one knee.
"She said yes," he posted online alongside a snap of the pair.
Olivia added: "I have no words for how happy I am. My fiancé my everything @ab_bowen this was magical. So magical."
With the engagement out of the way and a wedding on it's way, could kids soon be next for the couple?
Alex spilled to new! magazine last week: "I know you can't pick and choose but I want a boy first."
Olivia quipped: "You said that the other day! I was like, 'I can't promise anything!'"
Love Island was a ratings winner for ITV2 this year, doubling the numbers from the 2015 series.
The channel has already confirmed a third series of the show for next summer.