OK! Exclusive: Are Jamie Foxx And Katie Holmes Engaged? — Find Out The Latest About Their Relationship!

Watch: Jamie Foxx talks about rumors he is dating Katie Holmes

Katie Holmes and Jamie Foxx have done pretty much everything to keep their relationship under wraps, but things are clearly heating up between them. And the relationship has gotten so serious that they may be engaged!

A source told OK! exclusively, “buzz is they’re ready to debut not just as a couple, but as a newly engaged couple.”

Rumors about Katie and Jamie first surfaced in 2013, after the two were seen dancing together and getting close at a benefit party in East Hampton, N.Y. Katie split from Tom Cruise after five years of marriage in June 2012.

They’ve denied the relationship, but it’s only caused them more drama then necessary. The insider added, “As much as Katie guards her privacy, it’s been the one thing holding them back. It was Katie’s number-one concern, not rubbing her relationship with Jamie in Tom’s face. It irritated him (Tom) that Jamie didn’t ask him first.”

But it seems like Tom is now fine with their relationship, and is just looking out for their daughter Suri’s best interest. “Once Katie assured him that the relationship was serious and that Jamie had bonded with Suri, Tom came around and gave them his blessings,” added the source.