The actor was spotted last week shopping for diamond rings, reports FemaleFirst.
Gyllenhaal spent four hours in a New York jewellery shop searching for the perfect ring for Witherspoon, his girlfriend of the past two years.
"Jake spent most of his time in the room where they keep the rings. He looked really serious and was taking his time," revealed a source.
Gyllenhaal may be planning to propose to the actress during a trip to Egypt. Travel agent Geoffrey Kent revealed, "I was asked to organise the trip for Reese Witherspoon and her boyfriend."
The two stars will travel on a private jet, stay in the best hotels, visit the pyramids, and possibly get a private viewing of the Saqqara mummy, that was discovered recently.