That’s what JustJared is reporting!

Penelope Cruz is expecting her first child with longtime love Javier Bardem, sources confirm exclusively to JustJared.com.

“Penelope is about four months pregnant,” a source tells Just Jared. “She’s really healthy now and will be a great mother.”

Penelope may be expecting, but she won’t be tying the knot anytime soon. She told the August issue of UK’s Psychologies magazine, “When I [have babies], I want to do it really well. I want it to be my best project in life. I don’t know if I believe in marriage. I believe in family, love and children.”

Penelope, 35, and Javier, 40, appeared together in three films — Jamón, Jamón, Live Flesh and Vicky Cristina Barcelona.

Penelope has been in Germany promoting her latest movie, Broken Embrace.

Congrats to the happy couple! [Source]

I’m not putting a lot of stock behind this until I see more verification from other sources such as People.com and others. But on the off chance this is true – CONGRATS to Pe and Javier! They’ll make wonderful parents!