According to People, the couple is indeed engaged.
On Monday, Heard, 27, was spotted with a huge diamond ring on the left ring finger that she was trying to hide.
“Of course they couldn’t be happier to be engaged and excited to share the rest of their lives together,” a source told the magazine.
“Amber has really taken well to the kids and really enjoys spending time with them. And she’s even taken Lily shopping on her own for some bonding time.”
The pair met in 2011 on the set of the movie The Rum Diary. The next year Depp, 50, and his partner of 14 years, Vanessa Paradis, announced their split. They have two children together, Lily-Rose, 14, and Jack, 11.
The actor’s first marriage was in 1983, with Lori Anne Allison, but they divorced two years later.