News of Paltrow and Falchuk's engagement was first reported by Us Weekly. The two have been dating for more than three years.
Paltrow, 45, was formerly married to Coldplay frontman Chris Martin for 11 years before the two split in 2014. The exes have remained amicable, co-parenting their two children together, 13-year-old daughter Apple and 11-year-old son Moses. Meanwhile, American Horror Story executive producer Falchuk, 46, was also previously married to Suzanne Falchuk, whom he shares two kids with -- Isabella and Brody.
Paltrow and Falchuk were first linked together in July 2014, but made it official when the actress supported her beau at the Scream Queens premiere in September 2015. Since then, the pair hasn't been shy about their relationship, going on picture-perfect vacations and sharing sweet social media pics together.
In March, Paltrow Instagrammed a selfie of the two together on Falchuk's birthday.
"Happy birthday, handsome," she wrote.