The rapper started dating the Hollywood actress last year (20) and is now said to be thinking about popping the big question.
"They're very in love and beyond obsessed with each other. They are ready to take this next step in their relationship," a source told Entertainment Tonight.
The music star has been "telling friends that he is planning to propose" to his girlfriend, who was married to Brian Austin Green between 2010 and 2021.
The "Wild Boy" hitmaker and Megan, who started dating after they worked together on the film "Midnight in the Switchgrass", recently opened up about their high-profile romance, with MGK explaining how strong their bond really is.
Speaking about their relationship, he explained, "It should be light, but also we go to hell with each other. It's ecstasy and agony for sure … I don't want people to think anything's perfect with us. I didn't say it was the darkest fairy tale for no reason."
"I came from broken homes and I watched love never work. Then I grew up where in pop culture they don't even make romantic movies anymore. It hurts my soul that I wasted 30 years of my life not having any desire."
Megan - who has Noah, nine, Bodhi, seven, and Journey, five, with her ex-husband - also revealed that their romance caught her by surprise.
She said, "(I was) definitely open (to) love, but I did not anticipate walking right into my soulmate like that. I was obviously over the way I had been living, and those paths lined up, those doors opened. It was (as if) all the obstacles that had kept us apart all those years (had been removed) and we were able to finally intersect."