Rumor Mill: Ashlee Simpson and Pete Wentz taking the plunge?

When photos surfaced of Ashlee Simpson sporting an engagement ring on New Year's Day while hanging with her BF Fall Out Boy bassist Pete Wentz teen tongues everywhere started wagging that the pair are engaged.

When OK! contacted a rep for Pete, she said, "They are not engaged."

But, judging by the pics they are definetly still in love! How cute!

By Jocelyn Vena