Are Demi Lovato and Wilmer Valderrama Engaged?

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Rumors are swirling about a potential engagement between Demi Lovato and her beau, Wilmer Valderrama.

According to HollywoodLife, Valderrama, 33, has been holding on to a new ring for his 21-year-old sweetheart. The site reports that the former That 70s Show star purchased a ring for Lovato on Nov. 20 from Tiffany’s in Pasadena, Calif. The ring was engraved with “With you and by you always.”

In August, when Lovato turned 21, Valderrama used the same phrase to tweet her a birthday message. “I’ve been so proud of the strength & commitment you’ve gained 4 life,” he wrote. “Keep inspiring us all! Happy birthday my @ddlovato! With & by u always.”

According to RadarOnline, a source said, “It looked like an engagement ring, but could have just been a nice expensive ring...He was really low-key at the story and was trying to stay under the radar.”

An employee of Tiffany & Co. confirmed to that Valderrama did purchase a “classic” ring right before Thanksgiving.

The couple -- who have been on-and-off for several years -- officially split in January 2012, but have been recently spotted together.

“They have been together for quite a while,” a source said. “Demi is very good at keeping secrets...They are in love and nothing is going to change that.”

What do you think? Is Demi ready to walk down the aisle?