"We both love the puppy. I told her if she wants to keep the ring and the Bentley, then maybe I can keep the puppy. I [hope] we will work it out," the 85-year-old Playboy founder and editor-in-chief told People last week at the Playboy Mansion in Los Angeles.
Hefner said their Cavalier King Charles spaniel is worth more than a dollar value to him.
"The puppy's valuable, but not $100,000 worth," he explained.
Hefner and Harris got engaged over the holidays last December but Harris called off her wedding this past summer just days before she was set to walk down the aisle.
Hefner has reportedly moved on from the relationship, as he's recently labeled Playmates Anna Sophia Berglund and Shera Bechard his "two very special ladies."