It's official!

Weeks after Olivia Wilde denied she and "Saturday Night Live" star Jason Sudeikis were engaged, her rep has confirmed to JustJared.com that the couple are set to tie the knot. The actor proposed to Wilde shortly after the holidays, a source tells People.

"They are so excited," says an insider close to both stars. "And very, very happy."

Sudeikis, 37, and Wilde, 28, began dating in November 2011 and moved in together last year. Wilde, who was previously married to Italian Prince Tao Ruspoli for almost eight years, has confessed that she fell "blissfully, hopelessly, wildly in love" with Sudeikis.

The "We're the Millers" star divorced his wife of four years, "30 Rock" writer and producer Kay Cannon, in 2010.

No word yet on a wedding date.

Congrats to the happy couple!

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