The Manchester City footballer, who has been dating the singer for nine months, bought the sparkling stone ring at Graff Diamonds – just off London's Bond Street.
Said to be 3.5 carat and canary yellow, the ring is yet to be presented to Frankie.
Wayne, 31, is 'waiting for the perfect moment' to pop the question and hopes that Frankie says yes, claims the Sun - who may have now spoiled the surprise for Frankie...
The Saturdays' singer is the latest member to make a move towards settling down.
Fellow bandmate Una Healy recently announced that she is pregnant with boyfriend Ben Foden's baby.
The whirlwind romance between City star Wayne and pop star Frankie began in December last year.
Earlier this month Frankie, 22, was hinting she was keen to get married.
'I hope we do get married in the future,' she told the Daily Mirror.
'My family wouldn't be disappointed if I married him.
'He can't do any wrong in the eyes of my friends and family - they absolutely love him.'
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