Are Katy Perry and Orlando Bloom ready to settle down and start a family?

According to a new report, Bloom is preparing to pop the question.

“Katy & Orlando: Wedding & Babies!” reads the cover of OK! Magazine's latest issue, via Gossip Cop.

The headline goes on to suggest that Bloom would be presenting Perry with a $1.3 million ring during a "Malibu beach proposal.”

“Orlando is getting ready to pop the question,” and “as soon as he does, Katy will definitely say yes,” the magazine's insider revealed. “Orlando has already been shopping for rings and has his eye on a sparkler from famed jeweler Neil Lane, with a price tag said to be upward of $1 million.”

“And to propose,” continued the article, “Orly has a romantic spot in mind on a Malibu beach where the couple was caught snogging in March... It’s sweet that he wants to pick a place that’s been meaningful for them.”

Although Perry and Bloom are not yet engaged, the magazine's insider went on to reveal details of their potential future ceremony. 

“Katy wants something small and intimate,” with a party “perhaps on New Year’s Eve,” the insider claimed.

However, as Gossip Cop confirmed, Perry and Bloom have not yet solidified plans to become engaged, nor have they agreed to welcome "babies" any time soon.

For more on their relationship, check out the clip below.