Justin Bieber and Hailey Baldwin 'Are Already Planning Their Wedding': Source

From “friends,” to fiancés — to (soon-to-be) newlyweds!

Justin Bieber and Hailey Baldwin are getting ready to tie the knot.

“They don’t want a long engagement and are already planning their wedding,” a source says of the young couple in this week’s issue of PEOPLE.

The model, 21, sparked rumors that she and the pop star, 24, had already tied the knot earlier this week, when she stepped out with a wedding-style band on her left ring finger in lieu of her giant engagement rock.

The on-off couple — who previously dated before a messy 2016 breakup — rekindled their relationship this summer, and Bieber proposed to Baldwin in the Bahamas on July 7.

RELATED VIDEO: Justin Bieber Chose an Engagement Ring That Would Accentuate Hailey Baldwin’s ‘Beautiful’ Hands

Since the singer and the model returned from their romantic getaway, they’ve celebrated their engagement in New York City.

“They are spending a lot of time with Hailey’s family in N.Y.C., and everyone is very excited that they are getting married,” the source adds. “Justin still seems extremely happy. He is relaxed and very much enjoying his life. He feels very lucky to be with Hailey. He can’t wait to call her his wife.”

For more on Baldwin and Bieber’s engagement, pick up the latest issue of PEOPLE, on newsstands Friday.

While Bieber and Baldwin’s whirlwind engagement shocked fans — it came just months after he and longtime flame Selena Gomez pumped the brakes on their latest go — sources say their relationship is the real deal.

“This is not a joke to him. He proposed because he truly feels Hailey is the love of his life,” an insider told PEOPLE shortly after the proposal. “He had a rough time last year, but he worked very hard to change and find more meaning in his life. Hailey couldn’t make him happier.”