The Vicky Cristina Barcelona beauty has been dating Bardem since 2007 and the couple was recently forced to deny claims Cruz is pregnant with their first child.
Rumours surfaced last week (ends09Oct09) alleging the stars had gotten engaged while on holiday and had announced their plans to wed to close friends and family.
A source told the New York Daily News, “They’re telling friends they will get married.”
Cruz has so far refused to comment on the engagement reports, but she only served to heighten speculation when she flashed a new sapphire ring at the premiere of her new movie Broken Embraces at the close of the New York Film Festival.
Representatives for Cruz and Bardem had yet to respond to requests for a comment as WENN went to press.