Olivia Wilde & Jason Sudeikis Engaged!

Access Hollywood
Jason Sudeikis and Olivia Wilde attend Glamour Presents 'These Girls' at Joe's Pub in New York City on October 8, 2012 -- Getty Images

Love is in the air for Jason Sudeikis and Olivia Wilde!

The couple -- who first began dating in late 2011 and recently moved in together -- is engaged, according to People.

PLAY IT NOW: Jason Sudeikis Is A True ‘Gentleman’

"They are so excited," a source told the mag of the pair. "And very, very happy."

The "Saturday Night Live" star proposed to Olivia "shortly after the holidays," according to the mag's source.

VIEW THE PHOTOS: From On-Set Romance To Real-Life Love: Hollywood’s Hottest Co-Star Couples!

The impending marriage will mark the second wedding for both stars, as Olivia was married to filmmaker Tao Ruspoli from 2003 - 2011.

Jason was previously married to "Pitch Perfect" writer Kay Cannon from 2004 - 2010.

-- Erin O'Sullivan

VIEW THE PHOTOS: Celebrity Engagement Rings — The Bling Is The Thing!

Copyright 2013 by NBC Universal, Inc. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.