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EXCLUSIVE: Ryan Seacrest Prepares To Propose To Julianne Hough, Picks Out Engagement Ring!

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Jan. 13 2011, Published 12:27 p.m. ET

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The hardest working man in show biz is going to pop the question to his lady love, RadarOnline.com has exclusively learned.

Ryan Seacrest and Julianne Hough have been dating for less than a year, but sources close to the couple have revealed that the American Idol host has already picked out an engagement ring and is preparing to propose.

"Ryan already has the ring -- and it's a rock -- four to five carats," one source confirmed to RadarOnline.com.

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"Money was no object for Ryan... expect the Rolls Royce of engagement rings.

"He's had it for awhile and is in the process of planning the engagement. It's going to happen within the next few months or so!"

Seacrest, who met the dancer turned actress early last summer, dismissed rumors he popped the question over the holidays.

"I'm not engaged," he told People, but added "I'm very happy."

Another source close to Seacrest played coy when asked to confirm or deny the upcoming engagement.

"If Ryan was planning to propose, why would I spoil the whole surprise for him?" the insider said, but gushed about how in love the couple are.

"I don't think I've ever seen him like this over a girl before, ever... they fit together so perfectly.

"All his family adore her too, and I know his mom would be really happy to see him settle down with Julianne and work on giving her some grandchildren!"

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