Locklear spokeswoman Sarah Fuller confirmed the engagement on Friday but offered no other details.
Locklear's divorce from Bon Jovi guitarist Richie Sambora was finalized in April 2007. She had been dating Wagner since at least 2008.
Locklear and Wagner worked together in the 1990s on "Melrose Place," a spin-off from "Beverly Hills, 90210." Locklear played Amanda Woodward. Wagner played Dr. Peter Burns.
Locklear also starred on the prime-time soap opera "Dynasty" and the William Shatner police drama "T.J. Hooker."
Wagner isn't just an actor. He's an accomplished golfer who five years ago won the American Century Celebrity Golf Championship, an event usually won by professional athletes.