The Oscar-winning actor - who began dating Penelope when they worked together on Woody Allen movie "Vicky Christina Barcelona" - is planning to pop the question during the couple's holiday next month.
A source close to the couple told Britain's Daily Mail newspaper: "Both Penelope and Javier are very excited about their future together. It has been rumored that Javier has already proposed - but he hasn't asked Penelope to marry him yet."
"Volver" star Penelope, 34, is reportedly planning to move to England with 39-year-old Javier in September to work on her next film "Nine."
Earlier this year, Penelope claimed she wasn't interested in marriage because she didn't see its relevance in modern society.
She said: "I don't know if I believe in marriage. I believe in family, in love, in children. It depends on the situation, but nowadays I am not sure what marriage is for."
Although Penelope and Javier have only been together for a short time, they have known each other for 16 years.
They first met on the set of Spanish film "Jamon, jamon" in 1992.
Penelope has previously been romantically linked to famous actors including Matthew McConaughey and Tom Cruise.
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