Megan Fox and Machine Gun Kelly are "done romantically"

A source told PEOPLE: "[They] haven't been together in a real way for a long time now and whatever they had romantically is done.

"Their relationship at this point is just about co-parenting. Megan is focused on her kids and the baby and just getting settled into this new chapter. That's genuinely her priority."

And Megan - who also has children Noah, 13, Bodhi, 11, and Journey, nine, with ex-husband Brian Austin Green - isn't looking for a new relationship.

The insider said: "There's nothing serious romantically but she's not closed of to it either. If something came along naturally and felt right, she'd be open to it. She's just not thinking about it or chasing anything."

It was previously reported that Megan and MGK - who shares daughter Casie, 16, with his ex Emma Cannon - have become closer since co-parenting Sage together.

An insider said: "Megan's very happy with how he's stepped up for both her and the baby. While they still have separate homes, they spend a lot of time together as a family. They're putting the baby first, and it's brought them closer in many ways."

"Things are great now. He's amazing with the baby and she very much enjoys spending time with him."

And, although the pair have been spending time together, friends are doubtful they will reconcile.

The source said: "They're together often, but he's going on tour soon.

"He spends pretty much every night at her house with the baby, and they act like a couple, but they haven't put a label on it or made anything official."