Pete Wentz (Fall Out Boy) & Ashlee Simpson Engaged?

It appears that Pete Wentz, renowned bassist for Fall Out Boy, has proposed to his girlfiend, Ashlee Simpson. Sources say that Wentz proposed to her after Fall Out Boys performance at Live Earth on July 7th, 2007.

A close friend to the couple said, “Ashlee and Pete are desperate to keep the engagement quiet for as long as they can so they can make wedding plans in peace. She definitely doesn’t want a big circus wedding like [her sister] Jessica [Simpson] had when she married Nick [Lachey]. All she wants is a simple ceremony with her family, his family, and a handful of people.”

Ashlee Simpson’s press officer has denied this being true, so I guess it’s going to remain quiet, or is this just a rumor?