There are wedding bells in the future for Jay Penske. The burgeoning media mogul, who bought Hollywood trade Variety, is engaged to marry model Elaine Irwin, Page Six can exclusively reveal. Sundance Film Festival spies say Penske has been seen squiring Irwin around Park City, Utah, and “introducing her as his fiancée.” A rep for Penske’s PMC told us last night, “I can confirm Jay and Elaine were engaged around late October last year, while they were on a trip to India.” Statuesque Irwin, 43, the face of Almay, is nine years Penske’s senior. She was married to rocker John Mellencamp for 20 years, and they have two teenage kids. The Post reported last year that Penske and Irwin were quietly dating. In addition to owning Web sites Deadline and Hollywood Life, Penske, son of racing mogul Roger Penske, has his own racing team.