According to E! News, Penelope is around three months pregnant. The new addition will make their two-year-old son Leo a big brother.
But what makes this news even sweeter is Penelope's big sister Monica is pregnant too so they can share the experience together!
Share your congrats for the happy couple in the comments section or tweet @OKMagazine!
For access to all our exclusive celebrity videos and interviews – Subscribe on YouTube!