It looks like Reese Witherspoon is finally over Ryan Phillipe and ready to tie the knot with Jake Gyllenhaal.

OK! Magazine is reporting that Reese and Jake might be ready to get married.

"They've been talking marriage for a while," a source close to Reese said. "They'll be formally engaged any day now. They want to spend the rest of their lives together."

The insider also says that Witherspoon and Gyllenhaal won't be shacking up before they tie the knot.

"This is a very serious relationship," the source explains. "But Reese is very conservative and traditional. I'm sure she doesn't want her kids to see her 'living in sin.'"

Neither Reese or Jake's reps are talking.