It's been four months since they called off their engagement and went their separate ways but George, 24, is said to be eager to get his hands back on the expensive jewellery item, reported Mirror online.
"He is desperate to get it back but is not getting anywhere. It's a bit rich considering all that's subsequently come out to suddenly start demanding it back. Perhaps he needs the money," a source said.
But a source close to Keegan said that she is 'more than happy' to return the ring and has no intention of hanging on to it, pointing out that she's just not seen the pop star to give it to him.
The source added, "Michelle hasn't seen Max for a long time and it's not the type of thing you can just post."
George hinted at his unhappiness over not having possession of the ring during a radio show earlier this week.