Katy Perry and Orlando Bloom have been going strong since they started exclusively dating again earlier this year, and now a source tells PEOPLE the couple may be ready to get engaged.

“Orlando doesn’t have a ring yet but has been talking about the future,” says a source close to the actor. “Everyone would be excited if they got engaged. Katy is wonderful!”

The stars — who called time on their relationship in February 2017 after a year of dating — have been on and strong since the spring after being photographed together in January in the Maldives.

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Bloom, 41, was spotted in the audience at Perry’s concert in Tokyo in March, and the singer, 33, also supported her boyfriend this summer by jetting to London for 24 hours just to see him perform onstage in The Killer.

For more details on Katy Perry and Orlando Bloom’s on-again romance, pick up the latest issue of PEOPLE, on newsstands Friday.

Last week, they made their red carpet debut in Monaco at the Monte-Carlo Gala for the Global Ocean event before heading to Corfu, Greece for a little rest and relaxation.

“He always said he would absolutely get married again, and it seems Katy could be it,” says the source about Bloom, who was previously wed to model Miranda Kerr. “They both seem very happy.”

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Heading back to work on American Idol after wrapping up her Witness Tour, Perry told fans last month at an intimate concert that she’s been working hard on her mental health over the last year and is feeling happier than ever.

“This has been an amazing year for the relationship,” adds the source. “It’s like they needed to split and get back together again to get to this point.”