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Ashlee Simpson and Pete Wentz Not Engaged, Despite Ring!

Ashlee Simpson and Pete Wentz have been dating for quite some time now but has the dynamic duo finally decided to take their relationship to the next level?

The less popular of the two Simpson sisters, Ashlee, has been seen sporting a rock on her engagement finger, prompting rumors of a 2008 wedding. But are the rumors true or is the Ashlee/Pete engagement as made up as the Kim Kardashian and Reggie Bush plans to tie the knot?

* Click Image to See Ring

Ashlee Simpson/ Pete WentzIt appears that the rumors are just that - rumors.

Simpson's rep told PEOPLE "She is not engaged."

Well then why is she showing off her new ring that she so conveniently placed on her engagement ring finger?

Don't these stars realize that if they're going to wear a ring on that finger then rumors are going to start flying that they're engaged?

Regardless, Pete and Ashlee insist there are no plans of a wedding - although Pete did tell PEOPLE earlier last year that they were practically married already.

"We're past the honeymoon period. The truth is, it's crazy to be able to kiss your best friend. It's just a really awesome thing."  

Hopefully their relationship turns out better than Nick and Jessica's. Now that was a disaster!

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