The pair are holding a private gathering in Las Vegas with friends and family at Planet Hollywood Resort and Casino in Las Vegas tonight.
They are then expected to enjoy a big celebratory dinner at the Chocolate Lounge at the Sugar Factory in the Paris Hotel before carrying on the festivities at a dance party at the Chateau nightclub.
Of course, Vegas is familiar territory for the singer - it is where her 55 hour marriage to first husband Jason Alexander began and ended.
The Hollywood agent asked for the pop star's hand in marriage in Los Angeles yesterday on his 40th birthday.
'Yes, we are engaged,' Trawick told Access Hollywood today.
He is said to have presented her with a Neil Lane featuring a round three carat stone that features pave diamonds on the band.
'It's very traditional,' an insider tells Us Weekly.
'He picked out something he knew she would love.'
'He surprised her after she gave him his gifts and after they had cake last night,' another source adds.
The 30-year-old singer, who has just wrapped her Femme Fatale tour, hinted at the news this morning on her Twitter page.
'OMG. Last night Jason surprised me with the one gift I've been waiting for,' she tweeted.
She then teased: 'Can't wait to show you! SO SO SO excited! Xxo.'
Sources told TMZ that her conservators gave marriage their stamp of approval.
He also did right by her father, Jamie Spears, by asking for his daughter's hand in marriage.
They will put a pre-nuptial agreement into effect before they tie the knot, according to sources.
Britney first started Jason in early 2009 following her tumultuous relationship with paparazzo Adnan Ghalib.
After changing into fancier attire, Miss Spears and her hubby-to-be joined family members for a ring unveiling soiree - at which Britney proudly showed off her 3-plus carat round stone ring surrounded by pave-set diamonds, which was designed by Neil Lane.
With the Vegas trip help to toast the couple upon their engagement, the group also happened to be celebrating Trawick's 40th birthday - as the night also included a stop at Chocolate Lounge in the Paris Hotel along with a visit to Chateau nightclub.
As previously reported by GossipCenter, Britney happily announced her engagement to Jason earlier in the day, as she joyously tweeted, "OMG. Last night Jason surprised me with the one gift I've been waiting for. Can't wait to show you! SO SO SO excited!!!! Xxo"
The pop star added a few hours later, "Still glowing! About to jump on a plane to Planet Hollywood in Vegas. Throwing a Bday Party for Jason at Chateau Night Club. So fun. Xxoo"
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