Miley Cyrus and Liam Hemsworth
Liam Hemsworth and Miley Cyrus are giving their relationship a second chance Getty

Liam Hemsworth is reportedly planning to get a new engagement ring for Miley Cyrus. The former Disney star and the Hunger Games actor are apparently planning to give their relationship another chance.

The two sparked rumours that they have reunited after they were reportedly spotted together in Australia — Hemsworth's home country — during the holiday season. They apparently spent New Year's Eve together as well. Cyrus recently shared a few Instagram photos featuring what appeared to be the diamond engagement ring.

"Liam figured he wouldn't need to buy her another (ring)," a source told Heat magazine, as quoted by the Belfast Telegraph. "She's happy to wear her old ring for now, but Miley says, 'New life together, new ring.' Liam is having it designed and it could end up costing over $1m. And once that's sorted, there'll be nothing stopping them. They want to be married by the end of the year."

"They had a long, serious discussion about marriage within days of getting back together. They both feel like they don't need a long engagement this time. Liam would do it tomorrow if he could," the insider added.

"The wedding will have Miley's personal touch all over it. She wants a home grown affair, hopefully at her parents' house in Nashville. Everything is going full speed ahead – they both feel they've waited long enough," the source continued. "Liam needed that break, but he has an emotional connection with Miley that he hasn't been able to find with anyone else. She feels like home to him."

Hemsworth and Cyrus started dating in 2009, when they co-starred in Nicholas Sparks's film The Last Song. In 2012, the Love And Honor actor proposed to the Wrecking Ball hitmaker with a 3.5-carat Neil Lane diamond ring. The couple made their last public appearance together at the premiere of his film Paranoia at the DGA Theater in Los Angeles, before he officially announced his split from her.