Lady Gaga shows off huge 8 carat engagement ring as she hits the red carpet with fiancé Michael Polansky at Joker: Folie à Deux premiere during Venice Film Festival

Lady Gaga showed off her huge engagement ring as she hit the red carpet with her fiancé Michael Polansky at the Venice Film Festival premiere of her new film Joker: Folie à Deux on Wednesday night.

The singer, 38, gazed adoringly at Michael, 46, as she flashed her dazzling new ring on the star-studded red carpet.

The eight-carat, oval-cut diamond solitaire set in platinum set Polansky back a cool $578,000 according to Brides.

Gaga, who stars as Harley Quinn in the upcoming thriller, wore a dramatic black gown and headdress as she joined Joaquin Phoenix and his sister Rain at the screening.

She looked stunning in the plunging dress which featured a velvet corset-style top which then flowed into a dramatic puffy skirt.

The look was completed with an intricate lace headdress, huge diamond earrings and a bold red lip - while she wore her bright blonde tresses in a neat bun.

Michael, a tech entrepreneur, looked smart in a black suit, crisp white shirt and bow tie.

Folie à Deux will see Joaquin, 49, reprise his role as Arthur Fleck AKA Joker and he arrived to the premiere with his glamorous sister Rain.

She looked great in a brown velvet gown and donned stylish shades as she posed with her brother.

It is the much-anticipated follow-up to 2019's Academy Award-winning Joker, which earned more than $1 billion at the global box office and remains the highest-grossing R-rated film of all time.

Set for release on October 4, the second instalment finds Arthur Fleck institutionalised at Arkham awaiting trial for his crimes as Joker.

'While struggling with his dual identity, Arthur not only stumbles upon true love, but also finds the music that's always been inside him,' a press release shared.

Lady Gaga has been supported by her fiancé Michael in the lead up to the thriller's premiere.

The couple was first romantically linked around New Year's Eve 2019 and later went Instagram official in early 2020.

Polansky is a 2006 graduate of Harvard University and runs Napster founder Sean Parker's Parker Group.

Throughout their years dating, Gaga and Polansky have attended the Super Bowl, the BAFTAs, and the Critics Choice Awards together.

Wedding plans for the couple are underway and their legal plan is being negotiated.

Gaga is reportedly seeking a $900 million prenup before she walks down the aisle.

And Polansky, who has a $600 million net worth as head of The Parker Foundation, is on board.

A source close to the couple told In Touch that 'there are a lot of assets on both sides, and a prenup will just make everything clear.'

Gaga 'is worth $900 million, so of course there needs to be a prenup in place,' the insider said. 'And Michael understands that. He's not resisting it.'