Love is in the air for Jason Sudeikis and Olivia Wilde!

The couple -- who first began dating in late 2011 and recently moved in together -- is engaged, according to People.

"They are so excited," a source told the mag of the pair. "And very, very happy."

The "Saturday Night Live" star proposed to Olivia "shortly after the holidays," according to the mag's source.

The impending marriage will mark the second wedding for both stars, as Olivia was married to filmmaker Tao Ruspoli from 2003 - 2011.

Jason was previously married to "Pitch Perfect" writer Kay Cannon from 2004 - 2010.

-- Erin O'Sullivan