In Touch can exclusively reveal that Ashlee Simpson is engaged to boyfriend Pete Wentz! “He got down on one knee and she said yes,” a family friend tells In Touch. The couple went away to Colorado just days ago where Pete’s brother had an art exhibit, and that is where Pete, 28, popped the question to Ashlee, 23. “She has an amazing ring, and they are so in love,” adds the friend. And Ashlee’s parents, Joe and Tina, not only approve but are thrilled! The couple, who started dating in October 2006, have not set a date for the wedding just yet.

Ashlee’s rep confirmed the news to In Touch, ”It’s true.”

Congrats Pete and Ashlee!

UPDATE: The happy couple wanted to share their excitement with their fans by posting this on Pete’s web site www.friendsorenemies.com:

THIS JUST IN FROM ASHLEE SIMPSON:

"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. 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."

- Ashlee and Pete