The couple dated for several years in the early 1990s and re-kindled their romance last year, after Sheridan split from fiancé Nicklas Soderlom.
Sheridan showed-off a huge diamond ring on her left hand at a post-Ocar party earlier this month, sparking rumors the couple were tying the knot.
A representative for the actress has confirmed that the couple are engaged.
The pair wed in 1991 while she was starring on the TV show Knots Landing and separated the following year.
Bolton has three daughters from a previous 15-year marriage to Maureen McGuire.
No wedding date has been announced.
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