The latest spate of rumors surrounding Ashlee Simpson and Pete Wentz have culminated with news of pregnancy, but the Fall Out Boy bassist denies that he and his fiancée are expecting a baby.

Us Weekly reported Monday that 23-year-old Ashlee Simpson is expecting her first child with fiancé Pete Wentz, citing an anonymous source.

But the 28-year-old bassist for Fall Out Boy dispelled all speculation later that day, in an ironic email he sent to MTV News. “There is a witch hunt for people to be pregnant whenever they get engaged in Hollywood,” he wrote, referring to the recent announcement of his engagement to Ashlee.

“This is all news to me. I can’t wait for the story about how I’m really in a gay relationship and this is all just a cover ... I mean really, this is crazy ... I mean we’re engaged, that’s true, and happy about it.”

This is not the first time that the couple is rumored to be expecting a baby, through rumors concerning their engagement have been put to rest. Ashlee and Pete posted a message last week on FriendsorEnemies.com, announcing, “We know there has been a lot of speculation recently about Pete and I and we wanted our fans to be the first to know, because you guys are the best.

“Yes, we are thrilled to share that we are happily engaged. Thank you for all of your support and well wishes - it means the world to us. We consider this to be a very private matter, but we wanted you to hear it straight from us.”

Ashlee’s dad, Joe, told People.com that the youngsters are indeed engaged and that he is “totally happy” and “so excited to have Pete as part of (our) family.” He concluded, “We are blessed.”

Monday, a rep for the couple would only say, “We are thrilled to confirm their engagement and congratulate this happy couple. Beyond that there is nothing to add.”

Us Weekly had more to say though in their report, quoting that same unnamed source as saying, “They are ecstatic and can’t wait to be man and wife. They will be getting married before the end of the year.”

Ashlee, the younger sister of pop singer Jessica Simpson, and Pete have been linked since fall of 2006. Earlier this year, Ashlee was seen wearing a diamond ring on her engagement finger, which she explained was a promise ring from Pete.