The Chicago Sun-Times said Friday Bieber, 18, and Gomez, 19, were recently seen browsing for engagement rings.
The newspaper also reported those close to the young couple are "convinced" they are planning to take their relationship to the next level after dating for more than a year.
However, Bieber's manager, Scooter Braun, told UsMagazine.com the report is "complete bull [expletive]" and said Bieber's representatives are "laughing" at the speculation.
Notable deaths of 2014 [PHOTOS]
Shania Twain announces new album and tour