  In this paper we explore the possibility that the recently detected reflected
light signal of 51\,Peg\,b could be caused by a ring system around the planet.
We use a simple model to compare the observed signal with the expected signal
from a short-period giant planet with rings. We also use simple dynamical
arguments to understand the possible geometry of such a system. We provide
evidence that, to a good approximation, the observations are compatible with
the signal expected from a ringed planet, assuming that the rings are
non-coplanar with the orbital plane. However, based on dynamical arguments, we
also show that this configuration is unlikely. In the case of coplanar rings we
then demonstrate that the incident flux on the ring surface is about 2\% the
value received by the planet, a value that renders the ring explanation
unlikely. The results suggest that the signal observed cannot in principle be
explained by a planet+ring system. We discuss, however, the possibility of
using reflected light spectra to detect and characterize the presence of rings
around short-period planets. Finally, we show that ring systems could have
already been detected by photometric transit campaigns, but their signal could
have been easily misinterpreted by the expected light curve of an eclipsing
binary.
