UPDATE: George Clooney Not Having Amal Alamuddin's Parents Pay for Wedding

Despite previous rumors surrounding George Clooney and bride-to be Amal Alamuddin's wedding, the actor will be emptying his own wallet for the Venice, Italy, wedding, Gossip Cop has learned.

An Insider tells the website, that the rumors of Alamuddin's parents paying for most of the wedding are "simply not the case"

Previous reports were circling media outlets this week as Us Weekly was first to report that a source dished that Alamuddin's journalist mother and retired business professor father were footing the bill. "Crazy enough, her family is paying for most of it!" the source revealed. "[They are] old fashioned when it comes to these things."

Clooney's 2013 Academy Award winning movie Gravity made more then $716 million. Research from Wealth-X determined that Clooney is one of the wealthiest past Academy Award recipients standing strong at $220 million. The highest Oscar winner's net worth is As Good as it Gets actor Jack Nicholson standing at $390 million. 

The Wealth-X websites states that they are "the world's leading ultra high net worth intelligence and prospecting firm with the largest collection of curated research on UHNW individuals, defined as those with net assets of US $30 million and above."

Unconfirmed reports from an Italian media outlet have stated that the Italian wedding will be help up at a 14^th century palace on Venice's Grand Canal. Guest will be shacking up at a $1,600 night hotel close to the venue. Lana Del Rey will provide entertainment.

Whoever may be fitting the bill, it wouldn't seem to matter for humanitarian and actor Clooney as he declared is love for the lawyer while accepting an award a few weeks ago in Florence. "I would just like to say to my bride-to-be, Amal, that I love you very much and I cant wait to be your husband."