Credit: L: Slaven Vlasic/Getty Images; R: Larry Busacca/Getty Images for GQ

Jason Sudeikis and Olivia Wilde's news is the complete opposite of "horrible"!

The couple is now engaged, with Jason having proposed just after the holidays, according to People. He is 37, and she is 28.

"They are so excited," reveals a source. "And very, very happy."  

The two have been dating for a little over a year, and they started living together in the fall of 2012.

This will be the second marriage for each of them. Jason was previously married to 30 Rock writer Kay Cannon, and Olivia had been married to Tao Raspoli. Jason was previously linked to January Jones.

Jason is known for his work on Saturday Night Live and in such films as Horrible Bosses and Hall Pass. Olivia also got her start on TV, including on The OC and House, before moving on to films like Tron: Legacy and The Change-Up.

Congrats to the happy  and hilarious  couple! 

Source: People