Sources close to the couple tell TMZ ... there's absolutely no engagement in the works between Taylor and Travis right now -- despite some reports suggesting they're racing to the altar. To the contrary, we're being told TK ain't getting on bended knee anytime soon.

There were rumblings this week people in Taylor's camp had T-Swift and Trav pegged for an early summer engagement, but we're being told that's just not the case. In fact, our sources tell us some folks on the inside of this don't think it'll go the distance.

We're told some members of their inner circles see Taylor and Travis as still being in a honeymoon phase, of sorts -- and they say it's just too early to tell if they'll ever advance past the dating stage.

Hear that ... that's the sound of Swiftie bubbles bursting, and premature wedding bells going silent.

Our sources also point out their about to enter a very challenging stage of their relationship --  Taylor's continuing her international tour starting in February, which will have her overseas for several months.

Of course, once his NFL season is over, Travis could join her at times -- but folks in their orbit are saying let's see how they deal with the really long distance before jumping to engagement talk.