The pop star posted a loved-up Valentine's Day photo to her Instagram page on Friday, showing off a glitzy pink ring with the caption: "full bloom."
At the same time, Bloom shared the same image on his profile with the caption: "Lifetimes."
The couple are surrounded by red heart-shaped balloons.
The posts come after Perry's mother, Mary Hudson, posted photos of the couple at what appears to be a Valentine's Day engagement party to Facebook late Thursday evening, captioned: "Look who got engaged on Valentines Day!!"
INSIDER has reached out to representatives of both Perry and Bloom to confirm the news.
The couple have been a bit on-and-off, having first started their relationship in 2016 and split in March the following year.
However, they confirmed they were back together at the beginning of 2018 and things certainly appear to be going well.
If the news is true, this will be Perry's second marriage she was previously married to Russell Brand from 2010 to 2012.
Bloom, meanwhile, shares a son with his ex Miranda Kerr.