What's going on with rumored couple Katie Holmes and Jamie Foxx?

For the last three years, Holmes and Foxx, a former co-star of Holmes' ex-husband, Tom Cruise, have reportedly been dating in secret, and earlier this week, a report claimed the alleged couple was planning to the the knot and Foxx's home -- and start a family.

On the cover of OK! Magazine, a cover reads, "Katie & Jamie: Wedding & A Baby! Details on the secret ceremony, the stunning dress, the $2 million ring & flower girl Suri."

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“They’re making big plans: moving in, marrying and starting a family of their own,” a source told magazine. “Jamie and Katie plan to wed on the grounds of Jamie’s 17,000-square-foot Hidden Hills, Calif. estate, where they’ll also live after getting hitched. The prospect of a new brother or sister has added to the frenzy” for the rumored couple's young daughters.

Holmes “will likely look to one of her favorite designers” for a gown, the magazine continued, and Foxx has “his eye” on a “$2 million sparkler.”

However, while there have been a few signs of Holmes and Foxx's possible romance, including a photo of them holding hands a video of them dancing, a rep for Holmes has confirmed to Gossip Cop that the OK! Magazine article is completely “ridiculous."

More on Holmes and Foxx below.

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Jamie Foxx, Katie holmes