Where has the rumour come from you might ask?
Well, none other than Katy's mother, Mary, who posted an image of the cute couple to her Facebook page with the caption "Look who got engaged on Valentine's Day."
We've reached out to the couple's reps for a please explain.
It was back in January 2016 when Katy and Orlando were spotted being all flirty at a Golden Globes after party. According to Us Weekly, they danced the night away. "Katy literally dropped to the floor and was waving her booty around, beckoning Orlando," the source revealed.
Since then it has been an on again, off again relationship - and if this latest gossip bomb is true then it could be heading towards their very own fairytale wedding.
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This article originally appeared on New Idea.