Are Drake and Serena Williams Engaged? Not So Fast...

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Are wedding bells ringing for Drake and Serena Williams? Not quite yet.

While reports that the 28-year-old rapper had proposed to the 33-year-old Wimbledon champ exploded across the web on Thursday, a source tells ET Canada that rumors of an engagement are "completely and utterly untrue."

Though the pair has kept mum about any romance between them, they certainly haven't done much to squash the relationship rumors.

In August, Drake and Serena were reportedly spotted "making out" at a restaurant in Cincinnati, reigniting speculation that the two had become an item. Drake went on to cheer from the crowd during one of Serena's U.S. Open matches, and later nabbed himself a front row seat next to Anna Wintour at Serena's HSN Fashion Show during New York Fashion Week.

Serena returned the favor of support by attending Drake's restaurant opening in Toronto in September.

ET has reached out to Drake's rep for comment.

UPDATE: A rep for Serena Williams issued the following statement on Friday -- "Contrary to the rumors and reports, Serena Williams and Drake are not engaged. They are simply longtime friends."