Talk show queen Ellen DeGeneres and actress Portia de Rossi are ready to say their “I do’s.” Friends say the Hollywood power couple is planning a splashy wedding this July or August in Malibu, Calif.

A friend said: “Ellen and Portia are so in love, and they both feel the time is right to make their relationship official.”

The National Enquirer reported in February that Ellen, 47, and Portia, 32, were discussing getting married. According to friends, the couple exchanged platinum bands at about the same time.

The lovebirds have been living in Ellen’s four-home compound in the Hollywood Hills where Ellen had lived with her former girlfriend Alexandra Hedison.

Now Ellen and Portia are house hunting in the Los Angeles area because they’re looking to make a fresh start in a new space.

In the meantime, the couple is busy planning their upcoming wedding. The friend said the reception will be held at Malibu’s exclusive gated community The Colony where the two are renting a house for the summer.

A close source said: “Portia will wear a long Oscar night-type dress and Ellen will wear an elegant, custom-made white suit. Ellen and Portia will exchange wedding bands they’ve designed themselves. “At one point, Ellen planned on marrying Anne Heche. Then she toyed with the idea of marrying Alexandra Hedison but couldn’t commit. Now it looks as though Ellen will finally have her dream wedding,” said the source, adding that Ellen has always wanted to get married.

And as The National Enquirer reported in March, the Emmy award-winning host and her Arrested Development star girlfriend plan to adopt a baby. But first things first. After the wedding, said the friend, Ellen and Portia will jet to Australia in a private plane with Portia’s family, who will come to L.A. for the big day.

Because gay marriage is banned in California, the union will be symbolic but not legal, and the couple will not enjoy the same rights as heterosexual couples in that state.