The reality TV star - who has already been married three times including to the Oscar winning actress for five years until 2010 - has popped the question to his girlfriend Alexis DeJoria, a drag racer, who is the daughter of the billionaire co-founder of Paul Mitchell hair care, John Paul DeJoria, after less than two months of dating.
Sources close to the former West Coast Choppers CEO confirmed the news to gossip website Hollyscoop.
Last month a source told RadarOnline that the couple fell for each other because they have lots in common.
The insider said: "Jesse and Alexis have been dating for a little over a month. They bonded over their love of motor-racing, Alexis is a rookie in the professional ranks of the National Hot Rod Association and competes in the Tequila Patron Nitro Funny Car and one of Jesse's companies used to sponsor a mutual friend's race team, so naturally their worlds collided.
"Jesse has been helping her compete, he's been hanging out in her pit area during races, passing on his expertise to the team of mechanics and was even spotted helping Alexis pack-up her parachute after a race.
"And their love of motorsport isn't their only common interest - like Jesse, Alexis is fond of the body art world and has many tattoos.
The 43-year-old father of three was previously engaged to his long-term friend Kat Von D, and was also married to Karla James and adult actress Janine Lindemulder.
Jesse said earlier this year that he is better person.
He shared: "I think I'm in a pretty awesome place in life.
"In light of everything that's happened, I think I came out of it a better dad and a better person while living and working in a place that's like heaven to me."