While some reports claim that Hemsworth wants his former fiancée to keep the sparkler, a source exclusively tells E! News that while Cyrus is still in possession of it, she "hasn't decided" what she will do with it.
The item in question is a 3.5-carat diamond ring from jeweler extraordinaire Neil Lane, which the Hunger Games star gave to the "Wrecking Ball" singer when he popped the question back in May of 2012.
"I'm so happy to be engaged and look forward to a life of happiness with Liam," Cyrus told People at the time.
Cut to this week, of course, when Cyrus' rep confirmed to E! News that the couple had ended their almost four-year relationship.
But despite the split, a source says the 20-year-old pop star is "doing good," adding that "she's excited for everyone to focus on her music when the album launches," referring to the forthcoming album Bangerz, which is slated for release on Oct. 8.
As for Hemsworth, the 23-year-old actor has been spending time with Mexican actress and singer Eiza González. He was spotted kissing his new gal pal at her apartment complex in Beverly Hills on Tuesday after partying with the stunning star in Las Vegas over the weekend.
Meanwhile, Cyrus is scheduled to arrive in Sin City herself tomorrow for her iHeartRadio performance on Saturday.