Katie Price is going to sell the engagement rings that Peter Andre gave her in a bid to resolve her financial crisis.

Friends of the cash-starved star, who was officially declared bankrupt last week, say she's ready to part with two of the three engagement rings Andre bought for her.

"Katie’s got three engagement rings from Peter - she wants to keep the first one for Princess but the other two 'upgrades’ she’s willing to sell," an insider told The Sun Online.

"She says they’re worth nothing to her anymore and she wants a fresh start. She’s not sure if she’ll sell them in a private auction or a public sale but she wants to sell them to the highest bidder and cash in."

Katie Price on The Ray D'Arcy Show

The rings are thought to be worth in the region of £230,000. According to the insider, "The first ‘upgrade’ was worth around £150,000 at the time - and the second one cost around £80,000."

Price and Andre were married in 2005, just a year after their romance blossomed in the jungle on I’m A Celebrity Get Me Out Of Here.

The pair then split up in 2009, and Katie has been married twice since - to Alex Reid and Kieran Hayler - and recently split from her latest fiance, Kris Boyson.