Of late there has been speculation that Hemsworth wants to part ways with Cyrus.
The ring, a hand-cut vintage diamond, is a stunning 3.5 carats from the 1890s.
"Liam wants Miley to keep the ring," showbizspy.com quoted a source as saying.
"He wouldn't ask for it back. Liam told Miley to keep it and do with it what she wanted. He told her to keep it as a memento of their love affair," the source added.