The Hollywood actor is said to have bought the property worth around £10 million in order to share it with girlfriend Amber Heard.
"Buying this house is the surest sign yet of how serious Johnny is about Amber," a source is quoted as saying in The Sun.
"She's always dreamt of having a ranch. They were going to buy one in Texas, where she's from, but they fell in love with the Nashville property as soon as they set eyes on it.
"Johnny isn't bothered about living it up in Hollywood, he'd rather have the good life.
"While Amber loves to ride horses, Johnny's serious about writing and playing music."
The home includes 19 rooms and a large open space for Heard's equestrian hobby.
Johnny Depp began a relationship with his Rum Diary co-star Amber Heard earlier this year, following the breakup of his 14-year marriage to Vanessa Paradis.
Watch Amber Heard chat to Digital Spy about working with Depp below: