The 59-year-old model-actress and the 84-year-old publishing mogul announced their engagement in a small notification on the Births, Marriages and Deaths page of The Times, which is owned by NewsCorp., of which Murdoch is the executive chairman.
"'Mr Rupert Murdoch, father of Prudence, Elisabeth, Lachlan, James, Grace and Chloe Murdoch, and Miss Jerry Hall, mother of Elizabeth, James, Georgia and Gabriel Jagger are delighted to announce their engagement," the small classified ad read.
The couple were first romantically linked in October after attending a number of high-profile events together.
This will be the fourth marriage for Murdoch, who filed for divorce from third wife Wendi Deng in 2013. This will be the first marriage for Hall, who has four children from her 22-year relationship with Rolling Stones frontman Mick Jagger.