03/20/2013 11:14 am ET

Miley Cyrus' Breakup Song About Liam Hemsworth In The Works, Source Says

Miley Cyrus is reportedly following in the footsteps of Taylor Swift.

According to Life & Style, Cyrus has big plans to turn her supposed breakup into big bucks by spending time in the studio and writing a song about the rumored end of her relationship with fiancé Liam Hemsworth.

“She’s been busy in the studio every day [since Liam flew to Australia on March 2],” an unnamed source told Life & Style. “Of course she wrote a song about her relationship. What artist hasn’t?”

Rumors about Cyrus' relationship trouble heated up when the star was seen without her engagement ring. In a Twitter conversation with a friend, Cyrus said she had sent her ring in to get fixed, writing, "I just had a similar situation except when it happens to me then everyone says my wedding is off."

Miley is set to release a new album this year. The singer, who had her biggest hit with 2009's "Party in the U.S.A.," worked with Pharrell Williams and Hit-Boy, among others for the upcoming album, which she said will have an edgier sound. She features on the song "Fall Down," which is part of will.i.am's latest record.

In light of her breakup rumors, Miley tweeted that her music is what's most important.

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