The 33-year-old, who has been married twice before; to Peter Andre and Alex Reid and has three children, is happy about her relationship with Penna but has no plans to tie the knot anytime soon, reported Contactmusic.
"It's true - they are engaged. Leandro proposed to Katie while they were away skiing recently and she said yes. They told her children but had intended to keep it secret for a while.
"No wedding arrangements have been made and they are both quite relaxed about that for the time being," Price's spokesperson said.