Mariah Carey is rumored to be marrying billionaire James Packer draped in a 14K gold wedding dress.

According to the Daily Mail, though the couple only announced their engagement less than a week ago, Carey has been planning her big day for months now.

"It's an absolutely stunning spot and they plan on using one of James' private planes to shuttle their guests in," a source said of the private retreat on Australia's Hayman Island where the couple plans to exchange vows. "It will be an amazing party."

Word is Carey now has four designers competing for the right to create her perfect gown, and it could carry a price tag as high as $500,000.

The star-studded pair have been an item since last June. From the beginning, they have appeared to be on the fast-track to vows in their whirlwind romance.

As previously reported, soon after they started dating, the two embarked on a cruise in the Caribbean and later made the trek to Israel, where they reportedly spent time with Packer's spiritual adviser.

One of Packer's reasons for staging the get-together was to ask the adviser if he and Carey were ready to become man and wife. He then publicly proposed to her in New York City earlier this month.

The 45-year-old Carey was previously married to Nick Cannon, and the two have 4-year-old twins, son Moroccan and daughter Monroe. After six years, Cannon filed for divorce in 2014.

In all, this is the third marriage for Carey. She was also married to music industry exec Tommy Mottola.

Carey is known for such classic hits as "Vision of Love," "Love Takes Time," "Hero," "I Don't Want to Cry," "I'll Be There," "Always Be My Baby," "I Still Believe," "One Sweet Day" and "We Belong Together."

Since splitting from Carey, the it has been reported Cannon has been romantically linked to Sports Illustrated swimsuit model Jessica White, hip-hop personality Amber Rose, and Nicole Murphy, the ex-wife of Eddie Murphy.