Despite prior reports, Pete Wentz denies that his fiancée Ashlee Simpson is preggers. "There is a witch hunt for people to be pregnant whenever they get engaged in Hollywood," he tells MTV News. "This is all news to me. I can't wait for the story about how I'm really in a gay relationship and this is all just a cover. ... I mean really, this is crazy. ... I mean we're engaged, that's true, and happy about it." When asked directly if Ashlee is with child, Pete simply replied, "Yeah."

Still, Us Weekly and OK! magazines are on the warpath with their stories. "Ashlee would like to walk down the aisle before she's showing," a source tells OK!. "Although she's very cute the way she's always checking out her belly now and asking everyone, 'Am I showing yet?'" The mag also adds that while the couple currently resides at Ashlee's abode, "they are already talking about finding something more kid-friendly."

Only time will tell -- the wee one is allegedly due in October!