Robert Pattinson and Suki Waterhouse are engaged!

The couple — who recently sparked buzz when Waterhouse was photographed wearing a diamond ring on that finger — are engaged, a source confirms to PEOPLE.

“They are engaged. They both want to be married. It’s important for them,” the source says.

In November, the couple announced that they are expecting their first child together. The insider tells PEOPLE that the Batman star “can’t wait to be a dad.” 

“He’s so ready,” says the source. “His relationship with Suki is incredible. He feels very lucky.” Meanwhile, the Daisy Jones & the Six star has the “special glow” and “seems very happy,” says the source.

Reps for the couple have not responded to PEOPLE’s requests for comment.

Earlier this week, the couple sparked engagement rumors after Waterhouse was spotted wearing a ring on her left hand while they were seen walking around London on Monday in photographs published by TMZ.

The couple’s engagement follows Waterhouse’s announcement that they are expecting while performing onstage at last month’s Corona Capital Festival in Mexico.

In a fan-captured video posted on X (formerly Twitter), she addressed her glittery pink outfit, telling the audience, “I’m extra sparkly today because I thought it might distract you from something else that’s going on.”

She then opened the feathery coat she was wearing over her formfitting minidress to reveal a baby bump, prompting cheers and applause from the crowd. “I’m not sure if it’s working,” she jokingly added.

A week later, a source told PEOPLE she and Pattinson are “thrilled” about having their first child on the way. “A baby coming is an absolute joy for them,” the source said of the couple. “They are thrilled beyond words.”

Another source added, “They are ready for a child, and looking forward to becoming parents. Even though they are both professionals who work a great deal, this is something they want. They know their lives will change, and they are excited.”

Pattinson, 37, first met Waterhouse, 31, in July 2018, when they were spotted showing PDA in London. Four years later, the couple made their red-carpet debut, attending the Dior Men Fall 2023 show in Giza, Egypt, in early December 2022.

Throughout their relationship, the two have been relatively private since they began dating. When asked about his relationship by The Sunday Times in 2019, Pattinson said, “If you let people in, it devalues what love is.”

“If a stranger on the street asked you about your relationship, you’d think it extremely rude. If you put up a wall, it ends better,” the actor added.

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Pattinson previously said that seeing Waterhouse’s reaction to The Batman “kind of changed the entire thing” for him as he appeared on Jimmy Kimmel Live!.

The upcoming marriage will be the first for both Waterhouse and Pattinson, the latter of whom previously dated his Twilight costar Kristen Stewart and, later, was engaged to FKA Twigs after dating for more than two years.

Waterhouse dated Bradley Cooper for two years until their breakup in the spring of 2015 and, shortly after, dated Diego Luna until 2017.