Newsflash: Ashlee Simpson and Pete Wentz are engaged!

"We know there has been a lot of speculation recently about Pete and I, and we wanted our fans to be the first to know, because you guys are the best," Ashlee wrote on friendsorenemies.com last night. "Yes, we are thrilled to share that we are happily engaged. Thank you for all of your support and well wishes -- it means the world to us. We consider this to be a very private matter, and we wanted to be the first to tell you and to hear it straight from us." Speculation about their engagement began in February when Ashlee was spotted sporting a diamond engagement ring, which she told Fuse's The Sauce that "he hasn't asked my dad yet..." An insider tells Us Weekly that the couple will wed before the end of the year.

What's your take on the future Mr. and Mrs. Pete Wentz? Sound off now!