A source close to the Zoey 101 star told OK that the couple reconciled a few months ago and are now living in Nashville with their 2-year-old daughter Maddie.
The insider also said that Aldrige has given Spears a wedding ring and proposed marriage in recent weeks.
"I understand [that] he's given her a ring," the source said. "Haven't heard about a date or if they've decided on that, but he's given her a ring. Of course, when you've got money, I don't know what a ring means."
The pair allegedly got back together after Spears parted from an older man she dated for some time.
The source said: "From everything I can tell, they’re doing fairly well right now. He’s looking for a job and being the nanny, taking care of the baby
"She's got a career in Nashville, and he's looking for a job, but I think they’re doing OK."