The couple, whose romance first went public at the 2016 Golden Globes, have already discussed marriage, reported E! online.
"They are in love and happier than ever. (Orlando) would like to get engaged to (Katy) before the year is up," a source said.
The 39-year-old actor is already a father to 5-year-old son Flynn with ex-wife Miranda Kerr, who is set to tie the knot with Snapchat founder Evan Spiegel.
However, according to the source Kerr's recent engagement has nothing to do with Bloom's commitment to the 31-year-old pop sensation.
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