Ashlee Simpson & Pete Wentz Engaged

Ashlee Simpson, left, and Pete Wentz of the band Fall Out Boy pose together at the Clive Davis Pre-Grammy Party in Beverly Hills, Calif., Saturday, Feb. 9, 2008. AP Photo/Chris Pizzello

Singer-actress Ashlee Simpson and Fall Out Boy bassist Pete Wentz are engaged, her rep confirms to "The Insider".

"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," Simpson said in a statement posted on the networking Web site FriendsOrEnemies.com where Wentz has a VIP page. "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."

Photos: Ashlee Simpson
Simpson, 23, and Wentz, 28, have reportedly been an item since fall of 2006.

Photos: Celebrity Couples
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