We’ve heard this rumor before and it’s a bit fishy that something so big would occur right when Jake Gyllenhaal has a movie to promote (free press much?) – so I’m a little apprehensive to believe PopEater this morning when they say Reese Witherspoon is about to get an engagement ring from her longtime boyfriend.

But they have a source… and that source apparently is the same person that broke the news that the couple was dating to begin with. Are these two really going to get engaged on Christmas? Well, I guess Reese has to say “yes” first, right?!

Insiders tell me that the small ribbon-wrapped box under Reese Witherspoon’s Christmas tree is bearing a big, fat diamond ring. “Jake is planning to pop the question over the holidays and couldn’t be more excited,” my friend — who gave me the exclusive scoop two years ago that the couple were dating — tells me.

Just days after a false rumor circulated that the cute couple had split, Jake apparently decided the time was right to settle down and buy the ring. “Her children love him, his family loves her and now it’s time to make it official,” my source says.

“Reese is a traditional sort of lady, which is one of the many things Jake adores about her, and Christmas is her favorite holiday.”

The timing is killing me – but what do you think about this rumor? Could it be true?

Photos by INF