A source told ET on Tuesday that the couple has actually been engaged for a year, but have kept it a secret. Paltrow has indeed been spotted wearing a ring on her left finger during her latest public events.
“She's had the ring a long time," our source says.
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.