OK! magazine is reporting that Lindsay Lohan is engaged to her new boyfriend Ryan Giles.

Giles is the snow boarder that Lindsay met in Utah while recovering from her drug and alcohol problem.

The whole thing is not true!  Our sources who are close to Lindsay and the Lohan family say that is a big fat lie.  Her reps are even doubting OK's credibility.

We're told the ring that Lindsay has on her finger is a gift from her daddy, Michael.