Erin Andrews -- Not Engaged ... Despite Massive Diamond Ring

It looks like an engagement ring ... she's flaunting it like an engagement ring ... but the rock on Erin Andrews' finger is NOT an engagement ring.

Andrews has been dating L.A. Kings superstar Jarret Stoll for a while ... after she posted a pic with that huge diamond before last night's "Dancing with the Stars" premiere, there was buzz that he finally popped the question.

Turns out ... the ring wasn't from Stoll -- it was from wardrobe ... specifically so Erin would look "blinged out" for the big show.

But the ring was no cheap prop -- according to E!, it was a special asscher-cut diamond ring that weighed in at 2.01 carats with 22 baguette diamonds and 88 other microset diamonds.