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The English actor, 25, and the Ides of March actress, 24, dated for one year in 2006 before breaking up, and then reunited again earlier this year. Now, a source says, the two are sure it's the real thing.
"They have been shopping for rings for at least a month," the source tells Us of the couple, who got matching tattoos when they dated at 19 and 20.
Another source tells RadarOnline that Bell, who met Wood on the 2005 set of the Green Day video Wake Me Up When September Ends, "hasn't made a purchase yet, but he is starting to seriously look and has met with a few jewelers."
"Evan and Jamie were really young and just getting going in their careers when they first met and they just weren't ready," explains the RadarOnline insider. "Now that they are older and both excelling in their professional lives, I think they feel ready to take their relationship to the next level."
If Bell does pop the question, it won't be Wood's first proposal. She was engaged to rocker Marilyn Manson in January 2010 before they split nine months later.