A source told Us that "right now they are keeping it between them."
The U.K.'s Evening Standard previously reported that Taylor and Winters, who is said to have recently become Janet Jackson's new manager, took a romantic Hawaiian vacation in 2007.
The legendary Oscar-winning actress, 78, is engaged to Jason Winters, 49, of Sterling Winters Management, UsMagazine.com reports.
"We don't process any information on their private lives, since we don't know it," a rep for Taylor told the Daily News, before adding, "It has been public knowledge and is well documented for some time that have been very close."
"Liz is madly in love with Jason and he feels the same way. It's taken us all by surprise, but we're happy for her," a friend of Taylor's told the paper. "She didn't think she'd fall in love again, but since Jason came into her life that has all changed."
The couple's impending nuptials will be Taylor's ninth marriage. She has previously tied to knot with hotel heir Conrad Hilton, actor Michael Wilding, producer Michael Todd, singer Eddie Fisher, actor Richard Burton (twice), politician John Warner and construction worker Larry Fortensky.
