Ashlee Simpson & Pete Wentz: Future Parents?

Ashlee Simpson's new album drops next week, but her biggest project to date will take a little longer to incubate. The freshly engaged "Pieces of Me" singer and Fall Out Boy member Pete Wentz are expecting their first child, a source close to Simpson told online gossip sites. "It's very early" in the pregnancy, the insider said, adding that Simpson, 23, and Wentz, 28, informed their families of the impending stork delivery just last week. Over the weekend, the couple began divulging the happy news to a few close (and apparently loose-lipped) friends.

Wentz, however, quickly called foul on the pregnancy reports, denying that there's any "shotgun" involved in their upcoming wedding. "There is a witch hunt for people to be pregnant whenever they get engaged in Hollywood," the rocker wrote in an email to MTV News. "This is all news to me. I can't wait for the story about how I'm really in a gay relationship and this is all just a cover. I mean really, this is crazy...I mean we're engaged, that's true, and happy about it."

When asked specifically if he was denying that Simpson was pregnant, Wentz replied, "Yeah." As for the couple's families, the only announcement they made Monday was to congratulate the lovebirds on their planned nuptials. "We're very happy as a family and excited about the engagement," Joe Simpson told E! News' Ryan Seacrest on Monday. "We think Pete is the right guy for Ashlee."

Wentz's mom, Dale, also was quiet when it came to taking about grand kids and focused on the couple's other news. "We think that they are great together and are thrilled to have Ashlee join our family" the school administrator told E! News.

Expect the younger Simpson to get peppered with pregnancy questions as she makes the rounds in New York later this week to hype her upcoming third album, ''Bittersweet World'', due April 22.