The 25-year-old musician reportedly closed down a Tiffany store in New York City to buy the diamond ring.
"They are so happy," the source said.
Late Thursday night, Ali Abbas Zafar, Chopra's director for the Indian film Bharat, announced Chopra was leaving the film in a cryptic tweet alluding to Jonas.
"Yes Priyanka Chopra is no more part of @Bharat_TheFilm & and the reason is very very special , she told us in the Nick of time about her decision and we are very happy for her," Zafar wrote. "Team Bharat wishes @priyankachopra loads of love & happiness for life 😊😉😍"
Yes Priyanka Chopra is no more part of @Bharat_TheFilm & and the reason is very very special , she told us in the Nick of time about her decision and we are very happy for her ... Team Bharat wishes @priyankachopra loads of love & happiness for life 😊😉😍— ali abbas zafar (@aliabbaszafar) July 27, 2018
The tweet sparked rumors among the Indian press that the two were engaged.
A source told PEOPLE that Jonas is "very, very happy."
“His friends and family have never seen him like this, and they’re all really excited for him. He’s definitely very serious about her,” the source said.
The engagement news comes just two months after the pair began dating in May. The singer and Quantico actress have been spotted on several dates over the past few weeks, including a dinner in New York City, a Beauty and the Beast Live in Convert show in Los Angeles, and even attending the 2017 Met Gala together.
The two reportedly hit it off last year and stayed in touch. Things started to move quickly after they introduced each other to their families. Chopra met Jonas' family — including brothers Frankie and Kevin, as well as their mom Denise and dad Kevin Sr. — at his cousin's wedding in New Jersey on June 9.
“It’s a huge deal that Nick brought Priyanka to his cousin’s wedding,” a Jonas source previously told PEOPLE of the duo. “He’s dated a lot over the last couple years but it’s never been anything serious, so this is a big step. Nick and Priyanka really like each other, and his family enjoyed getting to know her as well. She fit right in!”0comments
Later in June, the couple traveled to India where Jonas met Chopra's mom, Madhu.
Chopra hinted last month that something big might be on the horizon for her and Jonas. “I am a very ‘live in the today,’ maximum ‘live in the next two months’ kind of person. But [in] 10 years, I definitely want to have kids. That is, it’s going to happen in the next 10 years," she told PEOPLE in June. "Well, hopefully earlier than that. I’m very fond of children and I want to be able to do that.”