Ashlee Simpson IS pregnant, plans to marry in May

Ashlee Simpson IS pregnant and is planning to wed her fiance Pete Wentz next month, it has been claimed.

Citing a source close to the Simpson family, People magazine claims the pair -- who announced their engagement last week -- are planning to get married at a private residence in Southern California.

Wentz, 28, initially blasted the pregnancy rumors, calling them a "witch hunt."

And Ashlee, 23, managed to dodge pregnancy questions during a taping of MTV's TRL in New York Tuesday, saying simply, "Some things you want to keep personal."

But the source insists the pair are not only expecting their first together, but they're also planning to have their wedding in May at a friend's house in La Jolla, Calif., north of San Diego.