The news comes a day after the new couple attended the Golden Globes in Los Angeles, arm in arm and posing for photographers, said The Hollywood Reporter.
Murdoch, 84, and the 59-year-old model, best known for her longtime relationship with Jagger, announced their engagement in the "Births, Marriages and Deaths" section of The Times. The newspaper is owned by Murdoch's company News Corp.
News Corp and 21st Century Fox are successors of Mudorch's News Corporation.
The couple has been dating for four months now.
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A 21st Century Fox spokesperson added, "They have loved these past months together, are thrilled to be getting married and excited about their future together."
This is how the ad reads, "Mr Rupert Murdoch and Miss Jerry Hall 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."
Hall's relationship with The Rolling Stones frontman lasted from 1977 through 1999 though they never officially married. They did have four children together, all named in the announcement, ranging in age from 18-30.