Ashlee Simpson is pregnant?!

According to US Magazine, Ashlee Simpson and fiance Pete Wentz (of Fall Out Boy fame) are expecting their first child. So far Ashlee's reps have had no comment on the subject. What do you think? Will Ashlee and Pete make a cute baby?

Edit: Pete Wentz has lashed out about the rumors that Ashlee is pregnant in an email to MTV News! Here's what he had to say: "There is a witch hunt for people to be pregnant whenever they get engaged in Hollywood," the rocker wrote. "I can't wait for the story about how I'm really in a gay relationship and this is all just a cover."

Yikes!