Following Valentine's Day, the couple announced their engagement on social media and, a source tells ET, it's been a long time coming.
“Katy and Orlando have been looking forward to this day for a very long time and they are over the moon to embark on their lifetime commitment," the source says. "They talked about an engagement even before their breakup in 2017 but Katy wasn't ready. She just wasn't ready at first but soon after some time away, she knew Orlando was the right man for her life.”
When the couple rekindled their romance in January 2018, "they reunited and picked up right where they left off," the source says.
"They have been very hush, hush about it but have known for a very long time they wanted to be engaged,” the source adds. "They have been preparing for this."
According to ET's source, "no one is more excited than Orlando's mother" about the engagement news.
"She has wanted them to tie the knot since the moment she first met Katy," the source says. "She literally can't stop talking about it, and telling all her friends.”
As for their Valentine's engagement party, it was just one in a long series of secret soirees that Perry has become known for.
"Katy is actually notorious for having top secret parties, she has it down to an art form," the source says. "She did one for Orlando's birthday in Palm Springs and also one in Coachella, where she didn't allow any cameras or phones into the party. She loves her privacy."
"When they planned this party, they only told their very closest friends it was their engagement party," the source continues. "Most people thought it was just a Valentine's Day party. They finally decided it was the right time.”
Perry and Bloom's engagement follows Perry's recent confession that she's "not so sure" if marriage is for her. Perry was married to Russell Brand from 2010 to 2012, while Bloom was married to Miranda Kerr from 2010 to 2013. Bloom and Kerr share an 8-year-old son, Flynn.
"I'm very pragmatic and logistical and I am less fantastical about things. I mean, I was married when I was 25. I'm 34. It was almost 10 years ago," she told Paper. "I was like, 'One person for the rest of my life,' and I'm not so sure that that idea is for me. I'm just such a different person than I was."
"Not such a different person -- the foundation was always there. I've always been hella sarcastic, always the black sheep, always thought outside the box…[But] whereas I used to think things were too scary or not for me, now I've pushed my limits in all of that. I'm really more tolerant and accepting," she added. "It's really just your 30s. I love them so much."
Despite her uncertainty about tying the knot again, Perry opened up about living with Bloom, confessing that they're both "hoarders by nature."
"My boyfriend doesn't even know that I threw away his toiletry bag while he's been gone," she admitted. "I told him I got him a new one for Christmas. He said, 'Oh, this has been around the world for 10 years' and he wanted to keep it in a drawer. I was like, 'The moment you leave is the moment this thing is going in the trash.'"
Watch the video below for more on the newly engaged pair: