April 14, 2016 04:25 PM

Gilbert Carrasquillo/FilmMagic

All that laughter paid off: Blake Lively is pregnant again!

The actress and husband Ryan Reynolds are expecting their second child, a sibling for 16-month-old daughter James, a source close to the actress confirms to PEOPLE.

“Blake is absolutely thrilled and so is Ryan,” the source tells PEOPLE. A rep for both actors had no comment.

A second source close to the actress says she may make her red carpet baby-bump debut at the upcoming Met Gala on May 2.

Lively first sparked rumors of a possible pregnancy when she was photographed reshooting scenes for her upcoming film The Shallows. Dressed in a wetsuit, the mom-to-be did her best to keep her baby bump hidden behind a robe and a surfboard.

But both Lively, 28, and the Deadpool star, 39, have been open about their desire to have a big family. “I do want to just enjoy this moment,” the former Gossip Girl star told PEOPLE shortly after welcoming her baby girl.

“But I also feel like my first child is going to be the oldest sibling to the next kid, and that may change with each and every year. I’m looking forward to how one baby influences the other, and to my family as a whole, to every single chapter.”

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Although the new mom told PEOPLE she didn’t feel like the birth of her firstborn was a “massive change,” Reynolds joked the sheer exhaustion from life with a newborn took some time to get used to.

“Our baby, in particular, is, we think, allergic to sleep,” he joked in March 2015.

Despite the sleepless nights, Reynolds, the youngest of four boys, couldn’t be happier to finally be the dad of a daughter.

“Having a daughter was a dream come true for me,” he told PEOPLE in February. “I never admitted it out loud, to myself or my wife, but I really wanted a little girl.”

— Anya Leon

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