The pair met during ITV2's second series of the dating show last summer and have stuck together ever since.
In the new year, Alex flew Olivia out to New York before getting down on one knee to propose.
"She said yes," he posted online alongside a snap of the pair back on New Year's Day.
Olivia added: "I have no words for how happy I am. My fiancé my everything @ab_bowen this was magical. So magical."
Now with wedding plans in full swing, cameras could be following the couple every step of the way.
"We have had talks about doing a show," Olivia told The Sun newspaper this wee. “Nothing has been confirmed yet but there are a few players in the game that are trying to get us to do a show on our wedding so let's hope that works out.
“We'd love it, we'd take it on.
“I mean it would be a laugh watching me go mental over planning the wedding.
“I'm a bit of a Bridezilla people have said but no we would love to do it."
Olivia and Alex didn't actually win the show last year, instead finishing as runners up to the now split Cara De La Hoyde and Nathan Massey.
A source told the Daily Star newspaper: "Olivia and Alex were the real winners and have received the highest followings on social media.
"Now, bosses are hoping to turn that coverage into cash."
Love Island itself will return to ITV2 next year.