The pair met during ITV2's second series of the dating show last summer and have stuck together ever since.
In a recent joint interview, Alex hinted at a proposal in the New Year but quickly added: "I'm not gong to say anything because she's right here. "
"It's on the cards, but who knows when," Olivia chimed in.
As for what would make her say yes if/when Alex pops the question, Olivia said: "Anything he does makes me cry!
"I've never really thought about it, because I've never been one to believe in marriage, because my parents split up. Anything would be my perfect thing, as long as it happens."
The couple went on to both say they wanted two kids if they ever started a family together.
Alex spilled to new! magazine: "I know you can't pick and choose but I want a boy first."
Olivia quipped: "You said that the other day! I was like, 'I can't promise anything!'"
Kids may be a long way off for now, with the pair currently planning a New Year's getaway to New York.
Love Island was a ratings winner for ITV2 this year, doubling the numbers from the 2015 series.
The channel has already confirmed a third series of the show for next summer.