The big news today is that Ashlee Simpson and Pete Wentz are engaged to be married. The engagement has been confirmed by Ashlee’s people…but what we really want to know is if the pregnancy rumors are true. It’s hard to believe Papa Joe would condon this after Jessica’s disatrous marriage unless it was necessary.

“He got down on one knee and she said yes,” a family friend tells In Touch. The couple went away to Colorado just days ago where Pete’s brother had an art exhibit, and that is where Pete, 28, popped the question to Ashlee, 23. “She has an amazing ring, and they are so in love,” adds the friend. And Ashlee’s parents, Joe and Tina, not only approve but are thrilled! The couple, who started dating in October 2006, have not set a date for the wedding just yet.