The publication writes that multiple sources have confirmed the engagement between the actress and writer.
"They both knew it would happen, but it wasn't a big thing to them because they were both in long marriages before," one insider said, adding that the duo had been talking about marriage for over a year. "There wasn't a rush."
Paltrow and Falchuk began dating in 2014 after meeting on the set of Glee. Falchuk created and co-produced the show and Paltrow guest starred as substitute teacher Holly Holliday. The couple took their relationship public at the L.A. premiere of Scream Queens in September 2015.
Paltrow was previously married to Coldplay frontman Chris Martin, and the couple share daughter Apple, 13, and son Moses, 11. The couple was married for 11 years before announcing their split in March 2014, finalizing their divorce in May 2016.
Falchuk was previously married to TV producer Suzanne Falchuk, and the pair shares two children, Isabella and Brody.
Photo Credit: Instagram / @gwynethpaltrow