David Arquette is making an honest man out of himself.

Us Weekly reported that the 42-year-old actor is engaged to girlfriend Christina McLarty. Arquette proposed to the former "Entertainment Tonight" reporter during a dinner at Mastro's steakhouse in Malibu on Wednesday.

The dinner was also attended by the couple's two-month-old son, Charlie West, and Arquette's 10-year-old daughter, Coco, whose mother is ex-wife Courteney Cox.

A source told the publication that after everyone finished their dinner, Arquette asked the family to follow him outside, where he bent down on one knee and presented McLarty with a diamond engagement ring. Arquette's daughter was heard giggling and cheering, "Engaged! Engaged!"

"He wanted his family to be with him when he did it," a source told People Magazine, adding that the couple plans to "vacation in Aspen to celebrate."

McLarty was reportedly ''beaming from ear to ear'' when they walked back into the restaurant. An insider told Us Weekly that Arquette "knew he wanted to marry Christina for a long time." The now-engaged couple has been dating on and off since 2011, and welcomed their first child together in April 2014.

"I've done it once so there's not that fear that a first-time parent has because you just don't know what to expect," Arquette told People about fatherhood. "You have to have a lot of faith that you will be able to keep them safe and not mess them up too much."

The news comes just days after Arquette's ex-wife announced her engagement to Snow Patrol's member Johnny McDaid.

"I'm engaged to him!" Cox tweeted alongside a selfie of the smiling pair.

Cox and Arquette separated in 2010 after nearly 11 years of marriage. Their divorce became official in May 2013, but the pair have remained friends since separating - even being photographed grocery shopping last weekend.

"In divorce you always have regret," Cox reveled to the More Magazine. "We were married for a long time, so it's not like we didn't try. When you love someone, you want them to be happy, even if it's not with you."

A source told Us Weekly that "[Arquette] and Courteney both talked about taking the next step in their relationships...They both want what's best for each other."