The 42-year-old 'Scream' star proposed to his entertainment reporter girlfriend Christina McLarty during a family dinner at Mastro's Ocean Club in Malibu, California, reported E! online.
Arquette's 10-year-old daughter Coco and his 2-month-old son Charlie were also reportedly present at the dinner.
The news comes just a week after Arquette's former partner Cox announced she was engaged to Snow Patrol rocker Johnny McDaid.
The former 'Friends' star and Arquette split in 2010 after 11 years together.