Our exclusive first pictures of the happy couple with the ring were taken last week before Michelle had to go without it for several days while it was re-sized.
The pair met in Dubai on New Year's Eve and Mark popped the question last week on a holiday in the same country.
While they were were flooded with congratulatory messages from friends, family and celebs following the proposal, it seems not everyone is quite so happy for the couple.
"Michelle is so loved up she can't stop smiling just now but the same can't be said of everyone," says a close source. "Her family is incredibly protective of her and rightly so. Some family members just wish Miche would settle down and take things slowly."
"It's not that her family don't like Mark – he's charming and he loves his mum. On the face of things he's great son-in-law material," says our source.
"But he's also a pretty boy with a chequered romantic history. And they are both very young to be getting married."
They have, of course, also been engaged before. Michelle, 26, was once famously engaged to The Wanted singer Max George, but they split in 2011 amid rumours of his roving eye.
Adding to any concerns is Michelle's move away from home. She announced in April that she is quitting her role of Tina McIntyre in Coronation Street after six years and is relocating to Essex to move in with Mark.
"To be fair he's been great so far, very respectful and happy to drive up the M6 at all hours to fit in with her home life. Not many lads would be prepared to do that, so that's definitely a gold star. But one swallow doesn't make a summer."
"It's not like anybody is trying to break them up – far from it. They just want them to slow down and take it easy. There is plenty of time for marriage and kids."
For the full story and exclusive pictures of Michelle's engagement ring, check out Reveal magazine - out now!