If James Packer gets his way, Mariah Carey could soon be feted in "a sky's the limit wedding" the likes of which few other have ever experienced.

OK magazine reports the billionaire Australian businessman has allegedly proposed to the "Hero" singer and promised to buy her "a large estate on the island of Capri, Italy" once their nuptials have been made official.

''He's planning on buying out a large section of Capri -- her favorite place in the world -- for a sky's-the-limit wedding,'' a source told the magazine.

The 45-year-old singer and Packer celebrated the recent Independence Day holiday weekend in Las Vegas after jetting back from an extended stay on his king-sized yacht in the Mediterranean.

Several media outlets have also reported the couple traveled to Israel during their jaunt for a "pre-engagement spiritual meeting" with Packer's longtime religious adviser.

One thing surely slowing down Carey and Packer's apparent dash to the altar just a bit is the fact that her divorce from "America's Got Talent" host and husband Nick Cannon has yet to be officially finalized. Carey and Cannon were married for six years before he recently filed for divorce and have 4-year old twins together.

Beyond that, Carey, who was also previously married to record label executive Tommy Mottola, is said to be intent on being extra cautious.

''Mariah is having a lot of fun being courted," said a source. "It's very different than when Nick Cannon was wooing her. To her, Nick was a boy. James is a man."

The source added the trip was a chance for Carey to get to know Packer better and for the two to hopefully bond even more.

Since his split from Carey, 34-year-old Cannon has been romantically linked to Sports Illustrated swimsuit model Jessica White, entertainer Amber Rose, and Eddie Murphy's ex-wife Nicole Murphy.