ET breaks the news that the rumor saying the legendary Dame Elizabeth Taylor was on life support because of heart failure is not true.

"Ms. Taylor is fine," her management tells ET. "The rumors which began in England about her health are dramatic, overstated and untrue. Her hospital visit was precautionary. She will be returning home shortly. At present, she is surrounded by family, friends and fabulous jewels."

We're told she's currently in the hospital in Los Angeles.