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Now that Liam Hemsworth has been caught swapping spit with someone new, the rumor mill is wondering what will become of the enormous, $250,000 engagement ring he slipped on the finger of his now ex-fiancée, Miley Cyrus, more than a year ago.

Will she return it with a kiss-off letter? Smash it to pieces in a clothing-optional video? Auction it off for charity?

Radar, for one, claims the Aussie actor has encouraged his former fiancée to hold onto the 3.5-carat, cushion-cut Neil Lane vintage sparkler that he helped design.

"Liam told Miley to keep it and do with it what she wanted," alleges a source. "He told her to keep it as a memento of their love affair."

But an insider tells E! News that while Cyrus still has the ring, she "hasn't decided" what to do with it yet. (As long as whatever she decides doesn't involve twerking or wrecking balls of questionable cleanliness, we're behind any decision she makes.)

Hemsworth, for his part, jetted out of Los Angeles on Wednesday, one day after he was photographed making out with Mexican actress-singer Eiza Gonzalez. That steamy embrace that came mere hours after he and Miley confirmed their long-in-coming split.

A paparazzo snapped the pair locking lips in the parking garage of Gonzalez's Beverly Hills apartment building, where she apparently moved just a few weeks ago from Mexico City, with hopes of expanding her telenovela-heavy career.

Liam, 23, reportedly met Eiza, 23, during a weekend trip to Las Vegas, and he was photographed chatting her up and acting "couple-y" while clubbing into the wee small hours.

On the surface, they appear to have common ground. Like Hemsworth, Gonzalez is on the rebound, having recently ended a two-year relationship with Mexican businessman Pepe Diaz. She also represents the familiar: She starred in a Latin American knockoff of "Hannah Montana" called "Suena Conmigo."

Liam will spend the next several weeks in Atlanta shooting the latest "Hunger Games" installment; Miley has been keeping busy by going topless on an alternate cover for her "Bangerz" album.


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