Cricketer turned commentator Shane Warne will marry British model and actress Liz Hurley, a London tabloid reports.

During a Spanish cruise and in front of friends including tycoon James Packer, Warnie got down on one knee and popped the question, the Daily Star newspaper reports.

"The boat was moored in Marbella and the Packers were on board along with about 15 people, just close friends, no one famous," an unnamed source told the Star.

"Shane and Liz flew in for a few days and looked so in love during their time.

"It was just a really beautiful moment when he proposed. Really romantic, and she said yes. There was no hesitation."

The Star suggests the couple may wed before the end of the year, during a trip Down Under by Hurley which is due to begin in November.

News of the pair's romance broke in December as the Aussie spin king and face of Estee Lauder exchanged a number of loved-up messages on Twitter.

Hurley, 46, separated from husband Arun Nayar just months earlier.

"Liz didn't think she'd want to move on so quickly from Arun so quickly but she's smitten with Shane," a friend of Hurley's told the Star.

Warne, 41, has split his time this year between his Melbourne home and London, where he has commentated on cricket matches including the England versus India Test series.

The beer-swilling, cigarette-smoking cricketer has gone through a physical transformation in recent months, admitting to shedding 12.7kg and adopting a suave look including slicked hair, which has prompted comparisons to a waxwork model.

- AAP