Liam Hemsworth is reportedly readying to splash out $1 million on a new engagement ring for Miley Cyrus.

The actors first got engaged in 2012, when Miley was just 19, but they went their separate ways the following year. Last week (ends22Jan16) the pair sparked speculation they are once again planning a wedding, after Miley was spotted sporting the 3.5 carat ring Liam popped the question with. She’s also moved some of her belongings into his home and it’s claimed the engagement is firmly back on – with a caveat from Miley.

“Liam figured he wouldn’t need to buy her another (ring),” an insider told Britain’s Heat magazine. “She’s happy to wear her old ring for now, but Miley says, ‘New life together, new ring.’ Liam is having it designed and it could end up costing over $1 million. And once that’s sorted, there’ll be nothing stopping them. They want to be married by the end of the year.”

Miley and Liam were first re-linked after they were spotted looking cosy in Australia around New Year (01Jan16). Things are now said to be firmly back on track, with both realising they are perfect for each other and deciding there is no point in taking things slowly.

“They had a long, serious discussion about marriage within days of getting back together. They both feel like they don’t need a long engagement this time. Liam would do it tomorrow if he could,” a source said.

“The wedding will have Miley’s personal touch all over it. She wants a homegrown affair, hopefully at her parents’ house in Nashville. Everything is going full speed ahead – they both feel they’ve waited long enough.”

The young couple apparently agree spending time apart was the best thing for them. Both Miley, 23, and Liam, 26, dated other people during their break, but apparently don’t have any worries about that.

“Liam needed that break, but he has an emotional connection with Miley that he hasn’t been able to find with anyone else,” the insider said. “She feels like home to him.”