One Instagram photo has sent speculation through the roof that the Prime Minister's son Max might have proposed to his girlfriend Amelia.
The photo shows the couple on the summit of the Haleakala volcano on the Hawaiian island of Maui.
Max captioned the pic, "Amelia and I have been putting together a video from some of our adventures which will be dropping next week. Stay tuned for more"
Mr Key and his girlfriend have been holidaying on Maui, where the Key family has a holiday home, this week.
The Prime Minister's press secretary has not responded to the questions posed by the Herald.