Are Miley Cyrus and Liam Hemsworth engaged again?

Recently, the two sparked reconciliation rumors when they were photographed spending time together at Hemsworth's hometown in Australia. Now, it appears that the pair has rekindled their relationship.

The "Wrecking Ball" singer then sparked engagement rumors when she took to Instagram on Monday, Jan. 18, to post a picture of her dressed in a pink coat and a green hat and a top with silver polka dots. But it wasn't her colorful attire that got her fans' attention as everyone zoomed in on her left hand, which was resting lightly on her chest.

It appears that she is once again wearing the 3.5-carat Neil Lane diamond engagement ring she accepted from the "Hunger Games" star back in 2012, before they broke up the following year. 

The cushion cut diamond sits on a gold setting, and the ring itself is made of 18-karat gold studded with smaller diamonds. Hemsworth first proposed to the singer-actress on May 31, 2012. At that time, Cyrus was only 19, while the actor was 22. Reps for Cyrus and Hemsworth have yet to confirm if they are engaged again.

Meanwhile, a source told People magazine that the "Hannah Montana" star is very happy to be with the 26-year-old actor again.

"Miley is where she has wanted to be for the past two years," siad the source. " Back with Liam and very happy." The insider said that the singer never wanted to break up with her fiance and that things "just got so bad" between them that they needed to take a break to reevaluate things. 

As for the ring, the source said that Cyrus has always loved her engagement ring and that she was very proud of it. When asked if they are heading down the aisle, the insider said that "there is no date," but the two are back together and are very happy."