According to a report put out by Us Weekly on Sunday (January 13), the 28 year-old actress' rep confirmed the news, with sources saying the SNL funnyman popped the question to his girlfriend after the holidays.
Gushing about the news, Olivia took to her Twitter page, writing, "Thanks for all the sweet congratulatory love, friends! And may I compliment your savvy use of that nifty engagement ring emoticon."
The Hollywood pair began dating in November of 2011 and moved in with each other last year.
Last October, Wilde attended one of Glamour magazine's These Girls monologue readings, where she opened up about her feelings towards Sudeikis, saying she she fell "blissfully, hopelessly, wildly in love."