"There must be something special between us, because we keep coming back to one another," Brice told In Touch. "I'm very happy."
According to an In Touch insider, the couple -- who were spotted walking their dogs together in Los Angeles on November 5 -- reunited over the summer and are planning to get married.
"I don't want to jinx it. But it's going great," O'Connell told In Touch. "We are taking it slow and not taking each other for granted this time. The future looks good!
O'Connell had starred as the object of affection during The Bachelor's Spring 2005 seventh edition. While he failed to propose marriage to Brice during the show's finale, he did present her with the final rose as well as a promise ring.
The couple continued their romantic relationship after the show until they parted ways in September 2007.
"We split a few months ago -- it was a clean breakup, nothing out of control," Brice told In Touch following the split. "I definitely thought I'd spend the rest of my life with him -- I think we both did -- but there were some things between us that we couldn't resolve."
"We still love each other a lot," she added at the time.