Usmagazine.com quoted an unnamed source as confirming the news Monday.
No wedding date or location were mentioned in the report.
"He is engaged and very happy," another insider told the New York Daily News.
Hogan was previously married to Linda Claridge from 1983 to 2007. The former couple, who have two adult children together, settled their divorce last summer after a long, high-profile legal battle.
The family starred in the reality TV program "Hogan Knows Best" in the mid-2000s.