Multiple sources say the pair is ready to tie the knot, reported E! Online.
While the two have not gone public with their reconciliation, they were spotted together at an Australian music festival called Falls Festival in Byron Bay earlier this month.
At that time, Cyrus and Hemsworth, 26, were reportedly indulged in PDA.
She was in good company as she joined his brothers Chris Hemsworth and Luke Hemsworth as well as their wives on the VIP area at the music festival.
"The ring is special because Miley and Liam worked on it together," a source said of the ring.
"Miley specifically wanted it set in gold. She didn't want platinum. She liked the gold because it was different and unique, like her. She didn't want anything classic or generic."
Most recently, the Disney alum ignited speculations that she's moving in with the hunky actor again as she was spotted at his home in Malibu.
The blonde beauty reportedly had been gradually moving her stuff to Liam's home, with the weekend marking "the finale of her week-long moving process.
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