According to Star Magazine, the answer is yes!

The third time was the charm for Jake Gyllenhaal!

After two previous proposals to girlfriend Reese Witherspoon, he again got down on bended knee — and she finally said the word he’s been waiting to hear: “Yes!” But she’s having a hard time keeping the news under wraps. When Reese arrived at Sony Studios in Culver City, Calif., to shoot an Avon commercial recently, she was wearing her new engagement ring, two set sources tell Star — but then decided she wasn’t ready to go public.

“It was gorgeous, and everyone noticed it right away,” says one eyewitness. “But she took it off as soon as she saw people staring. Reese stuffed it in her bag and didn’t put it on again the rest of the day.”

Still, the large diamond sparkler was the talk of the two-day shoot, says the second source. “There was already word out that she and Jake had gotten engaged, so the ring absolutely confirmed everybody’s suspicions.”

After what she calls a “very humiliating and very isolating” 2006 split from Ryan Phillippe, Reese could not even think about walking down the aisle again. At the time she thought, “I’m never going to feel any better than I feel right this minute,” Reese says in the March issue of Elle. But all that changed once she fell in love with Jake, whom she calls “a fantastic guy.”

Now the couple of two years is fast-tracking a wedding, and Reese is insisting on an intimate and simple affair. One insider reveals Reese is even thinking about having a Southern barbecue — likely at their Ojai, Calif., home, which she and Jake often use as a romantic getaway. “Jake and Reese want to get married sooner rather than later,” says the insider. “They’ve been playing house for far too long, and they’re ready to make it official!”