Jerry, who is an ex-partner of the Rolling Stones front man Mick Jagger and Roxy music star Bryan Ferry, has been dating Rupert since the end of last year.
The couple, who have a 25-year age difference, announced the news in traditional style in the Births, Deaths and Marriages page of The Sunday Times, which Rupert owns.
A spokesperson said; 'They have loved these past months together... they are thrilled to be getting married and excited about their future.'
No details have been released about the wedding plans or the proposal.
Jerry and Rupert announced their engagement in The Sunday Times
According to Forbes, Rupert and his family have a wealth of 11.2 billion dollars, making him the 77th richest person in the world.
This will be the fourth marriage for the 84-year-old owner of Sky News. It's only the first official marriage for the 59-year-old model, as her Hindu marriage ceremony to Mick Jagger, which took place in Bali in 1990, was declared invalid by the UK government. Their relationship officially ended in 1999.
Jerry Hall's children with Mick Jagger are Georgia May Jagger, Elizabeth Jagger, Gabriel Jagger and James Jagger.
Georgia May has followed in her famous mother's footsteps and is now a fashion model for brands such as Chanel, H&M, Vivienne Westwood and make-up company Rimmel.
Jerry and ex-husband Mick Jagger
And it isn't only Jerry who has a large family. Rupert also has six children of his own – Prudence, Elisabeth, Lachlan, James, Grace and Chloe - making for a total of 10 children to fit round the dinner table.
Australian Rupert was first married in 1956 to a flight attendant from Melbourne, Patricia Booker. His second marriage was to a journalist from Glasgow, which ended in 1999.
His most recent marriage was to Chinese businesswoman Wendi Deng, which lasted 14 years.