Taylor Swift & Calvin Harris Update: DJ Ready to Propose with $500K Ring

Power couple Calvin Harris and Taylor Swift might be walking down the aisle after all.

The latest reports are claiming that the 31-year-old British DJ has purchased a $500,000 engagement ring and is ready to propose to the "Bad Blood" singer.

"Taylor loves chunky rings, so he wants to go big," a source told Life & Style magazine. "He's looking at cushion-cut center stones and is willing to drop at least $500,000!"

After allegedly picking a 10-carat Neil Lane ring, Harris is now trying to decide on where to propose to the 25-year-old singer.

"He's on the fence because Taylor has so many favorite places," the source added. "He thought of romantic Paris or Italy, but now he's leaning toward Nashville, where she has one of her homes."

No matter where Harris ends up asking, a source exclusively told HollywoodLife.com that Swift will say yes.

"Even though they haven't been together that long if he did ask her tomorrow she'd say yes, she's just so happy with him. Taylor doesn't think it's a sure thing, she's not that cocky, but she has a really good feeling that they will end up together," the insider said.

The couple has been very supportive of one another over these past few months. Harris most recently talked about how Swift checked things off of his list that he never knew were even on it. He also praised her cooking skills as well as her decision to stand up to Apple music.

Swift, who is currently on her 1989 World Tour, will reportedly take the time to meet Harris' parents very soon. He has already met hers and passed with flying colors.