The 45-year-old supermodel revealed the enormous sparkler as she cuddled up to her toyboy boyfriend, Tom Kaulitz, 28, on the gold carpet.
Heidi beamed as she posed in a stunning, figure hugging dress but all eyes were on the large piece of jewellery on her left hand.
But Heidi, who topped the best dressed lists on the night, was quick to shut down any rumours and told ET Canada Tom had not popped the question in secret.
When asked about the ring, she quipped: “No! All these are just borrowed.
“They go with that necklace beautifully.”
“Don’t read into anything. They’re just pretty rings.”
The America’s Got Talent judge is smitten with Tom and recently said she'd never been happier.
However she admitted dating Tom, who is 17 years her junior, has led to a lot of questions about her age.
She told InStyle: “Lately, I'm being reminded more about my age by people other than myself.
“My boyfriend is many years younger than me, and lots of people are questioning that and asking about it.
“That's really the only time when age seems to be shoved in my face and I have to give an answer for it.
“I don't really think about it that much otherwise. You have to just live a happy life without worrying too much about what people think because worrying is only going to give you more wrinkles.”
Heidi and Tom got together following her split with art dealer Vito Schnabel after three years together.
She shares four children, Leni, 14, Henry, 12, Johan, 11, and eight-year-old Lou, with her ex-husband Seal.
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