Denise Richards and Aaron Phypers are engaged

Denise Richards is ready to tie the knot!

Multiple reports confirm that the 47-year-old actress is engaged to her beau of less than a year, Aaron Phypers.

“Aaron and Denise just got engaged and would love to be married sooner than later now that his divorce is finally in his past. The engagement has been a long time coming," a source told People. "He moved on from his past relationship a long time ago, and marrying Denise is a welcome new chapter for both of them in different but equally significant ways. The two of them are very happy and have settled into life with one another, so now they’re pretty focused on getting this very intimate ceremony off the ground. They’re just ready to start their married life together.”

The source also noted that the couple is "extremely happy," before revealing that Phypers is down to appear on The Real Housewives of Beverly Hills, on which Richards was just cast.

“He’s on board with the drama that the show might bring, and Denise is a total pro with this. She’s done it before and knows how to navigate life on and off camera even when the show gets blurred with reality," the source said. "He seems to care for her in a real way and is up for whatever she throws at him and vice versa. They’re a good team.”

As for their upcoming wedding, neither one wants an opulent affair.

“Denise and Aaron just want a small group of people to be at the wedding, really just their inner circle,” the source revealed. “They’ve both done this before and this time just want to exchange vows in front of the people who are most important.”

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Denise Richards and Aaron Phypers together
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Denise Richards and Aaron Phypers together
BRAVO EVENTS -- 'The Real Housewives of Beverly Hills' and 'Mexican Dynasties' Premiere Party -- Pictured: (l-r) Denise Richards, Aaron Phypers -- (Photo by: Jesse Grant/Bravo/NBCU Photo Bank via Getty Images)
LOS ANGELES, CA - FEBRUARY 12: Denise Richards and Aaron Phypers are seen on February 12, 2019 in Los Angeles, California. (Photo by gotpap/Bauer-Griffin/GC Images)
BEVERLY HILLS, CA - SEPTEMBER 29: Aaron Phyper (L) and Denise Richards arrive for the American Humane's 2018 American Humane Hero Dog Awards at The Beverly Hilton Hotel on September 29, 2018 in Beverly Hills, California. (Photo by Gabriel Olsen/FilmMagic)
BEVERLY HILLS, CA - SEPTEMBER 29: Aaron Phypers and Denise Richards attend American Humane's 2018 American Humane Hero Dog Awards at The Beverly Hilton Hotel on September 29, 2018 in Beverly Hills, California. (Photo by Jon Kopaloff/Getty Images,,)
MALIBU, CA - MAY 12: Aaron Phypers Cameron and Denise Richards attend the Eastwood Ranch Foundation's Wags, Whiskers and Wine Event on May 12, 2018 in Malibu, California. (Photo by JB Lacroix/ Getty Images)
MALIBU, CA - MAY 12: Aaron Phypers Cameron and Denise Richards attend the Eastwood Ranch Foundation's Wags, Whiskers and Wine Event on May 12, 2018 in Malibu, California. (Photo by JB Lacroix/ Getty Images)
MALIBU, CA - MAY 12: Aaron Phypers Cameron and Denise Richards attend the Eastwood Ranch Foundation's Wags, Whiskers and Wine Event on May 12, 2018 in Malibu, California. (Photo by JB Lacroix/ Getty Images)
Early morning workout ☕️... getting fit before the sunrise 🌅 @aaronwilliamcameron
Happy Saturday💕 @aaronwilliamcameron
1st day on location so happy he @aaronwilliamcameron can join me enjoying our Sunday with the cast and crew...
Driving test!!! Out of the Country license #canada gotta get a #California #license #behindthewheel @aaronwilliamcameron
Summer vibes🌸 Love going into my favorite time of year with this guy @aaronwilliamcameron #soulmate
Off to the cold for a couple weeks... #fbf birthday celebration @aaronwilliamcameron ❤️ Gonna miss u
As the sun is going down... view from the top.⛷❄️🎄 #sunsetskiing #bestchristmasvacay #love @aaronwilliamcameron
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The actress was married to Charlie Sheen from 2002-2006. The ex-couple share two daughters, Sam, 14, and Lola, 13. Richards also has a 7-year-old daughter named Eloise, whom she adopted in 2011.

For his part, Phypers finalized his divorce from Nicollette Sheridan last month. The pair had been separated for two years, after six months of marriage.

ET caught up with Richards last month and she revealed that the Instagram pics she shares of her fiance -- specifically one of him shirtless in bed -- embarrass her daughters.

“I know my daughter is not happy with the one I posted. The photo one, and that didn’t go down well," she said. "[Aaron] didn’t mind it at all after I did it but that’s the other thing, too... with kids, you know, there’s things that I posted that they’re embarrassed by and I try to explain [that it’s] part of work and stuff.”

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