The 23-year-old actor, who confirmed his split from Miley, 20, earlier this week, is said to have told his former fiancée that he has no desire for her to return the sparkling diamond.
Miley's ring, which Liam presented her with last year, is a 3.5-carat diamond ring from jeweller Neil Lane, worth $250,000, handcrafted in 18-karat gold and speckled with intricate diamond floral motifs.
Peace offering: Liam Hemsworth, pictured in Los
Angeles on Tuesday, is said to have told Miley Cyrus that she can keep
her engagement ring
But despite their relationship allegedly ending on less than civilised terms, Liam is said to be keen for himself and Miley to move past their animosity and become friends.
A source told RadarOnline.com: 'Liam wants Miley to keep the ring. 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.
'When Liam bought that ring, he truly believed he would be spending the rest of his life with her. Now he realises they are both just too young to be ready for such a big commitment.'
Split: Liam is reportedly keen to move on from any animosity between himself and Miley
Luxury: Miley's ring is believed to have cost Liam $250,000
The reports came as Liam was seen out in Los Angeles on Tuesday in the wake of the split.
Looking in good spirits despite the drama in his personal life, Liam managed a small smile as he made his way into his friend's house.
Liam is certainly doing his utmost to seek comfort following the split from his friends and family.
On Monday night, Liam and his mom Leonie were seen leaving the Chateau Marmont Hotel in Los Angeles after apparently having dinner.
Wearing a white T-shirt and blue baseball cap, Liam kept his head down as the pair headed home from their evening out.
Their outing comes as it was claimed that Liam had been left 'mortified' by Miley's now infamous performance at the MTV VMA awards earlier this year.
Miley bumped and ground up against Robin Thicke while wearing nude latex underwear, in what was deemed a wholly inappropriate performance.
Comforting presence: Liam Hemsworth was seen
with his mother Leonie at Chateau Marmont in Los Angeles on Monday night
after his split from Miely Cyrus was confirmed
Showing the strain: Liam looked tired and stony-faced as he was photographed behind the wheel
A source said: 'Miley and Liam were already pretty much broken up at that point, but when he saw her performance and the backlash it created, it was the nail in the coffin.
'That was all he needed to finally break up with Miley once and for all. He was embarrassed, disgusted and mortified by her performance.'
On Monday, representatives for Miley and Liam confirmed that the pair have ended their engagement and their romance, after having dated for two years.
Liam proposed to Miley in May 2012, and at the time the Hannah Montana star gushed about her future with the hunky Aussie star.
'Nail in the coffin': Liam was less than impressed with Miley's performance a the MTV VMA awards with Robin Thicke
The pair first met on the set of the 2010 romantic drama The Last Song, and began dating not long after.
But in the last year, they have seemingly struggled with their relationship, breaking up and getting back together several times as each one continues in different directions of their careers.
And now as news of the split emerges, it seems that Liam may have already moved on.
Liam was seen getting very close to Mexican actress Eiza Gonzalez, also 23, as he partied at VIP club Bungalow in Las Vegas on Saturday night.
Moving on already? Liam was spotted getting very
close to Mexican actress Eiza Gonzalez as they partied in Las Vegas
over the weekend
Flirting: The pair were seen flirting and gazing into each other's eyes in the VIP section of the club
Liam, along with about five male friends and a couple of ladies, including Liam's lady of interest, reportedly went to their VIP table near the DJ booth, but only for a few minutes before heading back to a more private VIP cabana near the pool.
Liam and Eiza are said to have never left each other's side during the night.
The pair reportedly enjoyed some drinks, Liam smoked a cigarette and they talked and flirted very close in the the VIP section of the club.
At one point, Eiza was seen sitting on a cabinet, flashing her legs in her short dress as Liam stayed standing, chatting to her and gazing into her eyes.
Attractive: Liam's attractive lady of interest showed off her killer body in a very short strapless orange dress
Handsome: The actor went casual in a plain white T-shirt, grey trousers and a unbuttoned black shirt
And
it was no wonder why he was so enamoured, as she was
showing off her killer body in a bright orange strapless dress teamed
with sky high black patent leather stilettos and a gold choker necklace.
Meanwhile, Liam went casual for the outing, but looked handsome nonetheless in a white T-shirt, grey trousers and a unbuttoned black shirt.
According to reports, Liam and Eiza left the club together at 2am.
Earlier in the evening, the actor appeared in good spirits as he arrived at the Pre-Fight Party for the Floyd Mayweather fight in Sin City.
Bikini babe: Eiza was in Vegas the same weekend
as Liam, living it up with some friends and posting pictures of herself
partying poolside in a black bikini
Eiza was in Vegas the same weekend as Liam, living it up with some friends.
She posted pictures of herself on Twitter poolside on Sunday, posing in a bikini with a pal.
On September 11, the brunette beauty mused about her love life on her Facebook page, leaving a somewhat cryptic post about being in love with somebody that was in love with someone else.
'It must be very difficult to accept the fact that the person you're interested in lives in love with someone else #oops #goodluck! #whengoodisgood!' she wrote.
Saucy: The Latina star has posted several sexy selfies of herself on her Facebook page
It cannot be clear whether she was taking an apparent dig at Miley or perhaps referring to her own love life.
Eiza González Reyna is a Mexican actress and singer, and daughter of former model Glenda Reyna.
She rose to fame at the age of 16 with her portrayal of Lola, the lead character of Mexican telenovela, Lola...Érase una vez (Lola...Once Upon A Time)
She has since gone on to star in five Spanish television series and two movies, and is now a huge star in her native Mexico.
Also single: Eiza recently broke up with her
boyfriend Pepe Diaz, revealing the news on her Twitter account last
month in August
She also lent her voice to the Spanish-speaking version of 2013 3D computer-animated adventure comedy film, The Croods.
González has also released two studio solo albums and two Telenovela soundtracks.
The spicy star is also single too, after announcing on her Twitter account in August that she broke up with her boyfriend of two years, Mexican entrepreneur Pepe Díaz.
'Let me tell you that I've been single for more than a month! I´m happy and closing this cycle because here comes an incredible one that is getting me very excited,' she tweeted at the time.
Huge Mexican fanbase: Eiza González Reyna is an actress and singer and a huge star in her native Mexico
According to a report in People Magazine - Latina, Diaz was rumoured to have cheated on the stunning star. Before Miley and Liam confirmed their split on Monday, there were rumours swirling that the pair had decided to take a break.
It had been reported that the couple, who have had a tempestuous relationship over the past few years, had decided to postpone their wedding while they see if they are better off apart.
A source told RadarOnline.com: 'They’ve split for now. Miley and Liam have a very tumultuous relationship and both are exhausted. It’s a complicated relationship. The wedding is on hold, for now. It’s not cancelled but it doesn’t look promising.'
Look familiar? Miley
is seen in a promotional image from her Hannah Montana days, left, while
Eiza poses for a promo shot for her Mexican telenovela, Lola...Érase
una vez (Lola...Once Upon A Time), right
Anything you can do: Miley flashes the peace sign in 2006, left, while Eiza does the same at an event in 2009, right
Last week Liam was forced to deny that he was canoodling with another woman at the Toronto Film Festival.
New York Post's Page Six reported that he was seen keeping company with an unnamed female after the TIFF last weekend.
Liam was at the popup club Bungalow 8 on the Thompson Hotel rooftop on the Saturday night when a brunette woman allegedly caught his eye, according to the newspaper.
She likes ink too: Eiza shows off her heart
tattoo on her finger - a version of which Miley also has - as she poses
on the red carpet at the the Premios Juventud in 2013
Just like Miley: Last month Eiza even donned a
fake Panda head with a friend for one photo op, captioning the snap
'Miley Cyrus Style! Jajajaja'
Goofing around: She accompanied the snap with a Tweet
A source is quoted as saying: '[Liam was] locking lips with a random brunette...They left together.'
Page Six reported multiple witnesses 'confirmed his smooch with the mystery woman.'
However, when Liam's spokesperson was contacted by Page Six they insisted the story was not true.
And again: Miley also goes completely naked in her most recent video for Wrecking Ball
News of Miley and Liam's split comes after the singer, 20, revealed in an interview with Harper's Bazaar magazine that she 'doesn't have time' to plan a wedding.
She said: 'I definitely don't have time to deal with a wedding right now. But I will at some point.'
Miley added that her recent outrageous behaviour, which has included a now infamous performance at the MTV VMA awards, and going naked in the Wrecking Ball video, is her enjoying a bout of immaturity.
Forgetting his relationship woes: Liam appeared
in good spirits as he attended the pre-fight party for the Floyd
Mayweather fight in Las Vegas earlier in the night on Saturday
Hunky: Liam happily obliged to interviews as he walked the red carpet
She said: 'I was an adult when I was supposed to be a kid. So now I'm an adult and I'm acting like a kid.'
This past weekend, Miley gave an indication that her relationship with Liam had hit the skids, by unfollowing the Australian actor on Twitter.
For Miley, who is an active Twitter user, it was the ultimate snub and a seemingly public declaration that there was trouble in paradise.
Where it all began: Liam and Miley met on the set of the 2010 romantic drama The Last Song
Red carpet couple: The pair cut a dazzling duo
at the CNN Heroes: All-Star Tribute in 2011, left, and the 2012
Australians in Film Awards & Benefit Dinner, right
Miley and Liam's relationship has been under the microscope recently with endless reports that the pair split up and then rekindled their relationship numerous times in the last 12 months.
In February, it was rumoured that Liam got 'hot and heavy' with January Jones at a pre-Oscar party.
January was linked to Liam again earlier this month when it was claimed he was sending saucy texts to the Mad Men actress.
According to Us Weekly, he 'fired off a graphic, sexual text message' to January that reportedly said, ‘I want to F**k you.'
Although Liam denied the story, it’s been claimed he had been looking for a way out of his relationship with Miley.
A source told Us Weekly, ‘They're just weeks away from calling it off permanently. Liam feels very distant emotionally from Miley these days.'
The early days: Miley and Liam are pictured
going shopping together in Beverly Hills at the beginning of their
relationship in 2010
The couple were last seen walking the red carpet as a couple in early August , when Miley supported Liam at the premiere of his new Paranoia in Los Angeles.
However, witnesses revealed they ‘acted like strangers’.
‘Miley and Liam acted like they didn't even know each other the entire night,’ a source said. ‘She was wearing her ring but they acted as if they were strangers.
‘[Their kisses] were awkward and he didn't seem into them.’
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