The Grammy-winning producer, who is famous for helping the careers of artists such as Celine Dion, Josh Groban and Michael Buble, reportedly proposed at a friend's home in Bel Air, California, where the couple met. The insider tells the New York Post, "He pulled out a 14-carat dazzling sparkler from jeweler Martin Katz, and the entire party erupted in applause."
Foster has previously been married three times before and has five daughters, while Hadid is a mother of three and the former wife of real-estate developer Mohamed Hadid.
The couple's engagement follows on the heels of Reese Witherspoon, LeAnn Rimes, Natalie Portman, Hugh Hefner, Ginnifer Goodwin, Jason Mraz and British TV star James Corden, who announced plans to wed over the holidays.