Following revelations that plasterer and part time stripper Kieran, 27, had been having an affair with Katie's best friend of 20 years Jane Pountney, 49, he and Katie are now working towards a reconciliation.
But there are trust issues that need to be overcome and, for now, he's on probation.
"Katie and Kieran had a big talk and she told him she wants it to work between them. For her own sanity she feels she needs to give it another go," a source tells us.
"Kate is going to have counselling to try to forgive Kieran and rebuild her trust and he has vowed never to strip again,' says our source.
"He's admitted that he messed up big time and is prepared to do whatever it takes to make things right. So, for now, he's on probation. One more lie and he's out."
Breaking his silence for the first time, Kieran wrote on Twitter last week: "@MissKatiePrice I will repair your heart and I am looking for the light at the end of the tunnel for our fairy tale ending! Believe in me xx"
While her man is doing everything in his power to prove his worth, Katie is not making things easy for him. With two failed marriages behind her already – to Peter Andre and Alex Reid – Katie can't face a third divorce and has told Kieran this is his final chance.
Posting her thoughts on Twitter last week, Katie wrote: "The saddest thing about betrayal is that it never comes from your enemies."
She added: "Trust takes years to build, seconds to break and forever to repair."
Our source adds: "Katie just has to go with her gut instinct. She doesn't want to break the kids' hearts, as they love Kieran. And if it doesn't work out, at least she has given it her best shot. It's going to be the greatest emotional challenge of her life, but she doesn't want to be alone."
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Katie Price's ex-boyfriends in pictures:
Copyright: PA Images