The couple split last year (11) but ended the year back together with the pop star-turned-actor calling The A-Team pin-up "the most significant person in my life".
And now multiple sources report the pair rang in the New Year with their sights set on a wedding.
Timberlake proposed in Jackson Hole, Wyoming on 21 December (11), according to Us Weekly magazine, but neither star has spoken about the engagement rumours.
A source tells the publication that Timberlake chose the venue for his big moment very carefully: "Justin knows how much she loves snowboarding and the mountains, so it was the perfect place. He knew it was the right time to propose."