Miley Cyrus and Liam Hemsworth to Wed?

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Miley Cyrus first sported an eyeful of a diamond ring on Twitter when she gushed on Thursday about her obsession with “@jennahipp nail foundations”; but possibly the sight of her manicure was rather overshadowed by the sight of a sparkler on her left hand. Are they engaged?

Miley Cyrus Stoner

Saturday night it was fully in evidence again as she was getting around beautifully attired in a coral silk chiffon thing by Jenny Packham. No wonder than it triggered off a tide of speculation whether it is an engagement ring from her beau Liam Hemsworth. Well, is it?

Miley Cyrus

The reps for Cyrus, 19, and Hemsworth, 22, omitted to comment on the development, but, according to an informed source, there is no formal engagement.

Miley Cyrus

Whatever. On Saturday the on-and-off couple spent time together again in Phoenix at Muhammad Ali’s Celebrity Fight Night XVVIII, and the ring was there.

Miley Cyrus

Cyrus and Hemsworth have had relationship ups and downs since their first meeting on The Last Song cast and were seen kissing soon afterwards. The Hannah Montana star said back then that Hemsworth was the best man in her life to get along with.

They also have a dog in their joint possession.

Update: a source close to Miley Cyrus has recently claimed, the ring is NOT an engagement one, according to USmagazine.