A source close to Cyrus has denied the rumors and told that it is not an engagement ring.
On the other hand, Miley has been showing off her ring in the past few days even posting a picture of her "nails" in Twitter with the message, "I am soooo obsessed with @jennahipp nail foundations! It looks so chic and classic!"
Miley, 19 has reconciled with ex beau Liam, 22 less than a year after they have broken up on August 2010.
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