The pair have been dating since February 2013 and now they are ready to take the next step, reports Us Weekly.
It will be the second time the 36-year-old English model-and-actress has walked down the aisle after her failed marriage to director Rupert Sanders, 44.
After the filmmaker was caught locking lips with 25-year-old actress Kristen Stewart the couple split, with the divorce finalised last year. Kristen was dating her Twilight co-star Robert Pattinson, 29, at the time and was working on movie Snow White and the Huntsman with Rupert and Liberty.
Liberty has clearly put the breakup behind her, as she and Rupert continue to co-parent their children Skyla and Tennyson. She’s even happy to address the topic now, as she proved in an interview with British newspaper the Evening Standard last year.
“What I went through was extreme and extraordinary and shocking and very traumatic. I think I’m still in bits of trauma obviously, but in a funny way I think it was all very much meant to be,” she said.
“I’ve been mute deliberately for two years. But now everything is great.”
There are no details about when or where her wedding to entrepreneur Jimmy, 62, will be held yet.