"The two of them are so ready and excited to continue their journey as a couple and create more memories together."
The celebrity duo had "spoken about their future" and getting engaged "for quite some time".
The insider added: "[They] are so in love and completely enthralled with each other."
Megan recently shared a video of the proposal on social media.
She wrote: "In July of 2020 we sat under this banyan tree. We asked for magic
"We were oblivious to the pain we would face together in such a short, frenetic period of time.
"Unaware of the work and sacrifices the relationship would require from us but intoxicated off of the love. And the karma.
"Somehow a year and a half later, having walked through hell together, and having laughed more than I ever imagined possible, he asked me to marry him.
"And just as in every lifetime before this one, and as in every lifetime that will follow it, I said yes. (sic)"