Olivia Munn and John Mulaney are currently expecting their first baby together, the comedian confirmed

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Olivia Munn and John Mulaney are eagerly awaiting their new addition.

The Love Wedding Repeat actress is expecting her first baby with the 39-year-old comedian, he revealed during the Late Night with Seth Meyers broadcast Tuesday.

A source close to the couple tells PEOPLE that the two soon-to-be parents are "extremely excited."

"They are both extremely excited about the baby," says the source. "They couldn't be happier."

During his late-night talk show appearance, Mulaney said he and Munn, 41, are both "really, really happy" about the new addition to their family.

Mulaney told Meyers that he was "nervous" to disclose the big news that he is going to be a dad. Leading up to the reveal, the comedian recounted the challenging year he had faced, which included going to rehab, relapsing and moving out of his home that he shared with ex-wife Anna Marie Tendler.

John Mulaney, Olivia Munn
John Mulaney; Olivia Munn
| Credit: Bryan Bedder/Getty; Karwai Tang/Getty

Then, he said, "in the spring I went to Los Angeles and met and started to date a wonderful woman named Olivia."

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"She's kind of held my hand [through everything]," he added. "And we're having a baby together."

While thanking Meyers for having him on the show, Mulaney said, "Olivia and this baby have helped save me from myself in this early journey out of recovery."

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Munn and Mulaney's romance was first reported by PEOPLE back in May, and the two have since been spotted enjoying their summer together. In late June, Munn and Mulaney were seen on a lunch date at Rick's Drive In & Out in Los Angeles.

Kicking back at an outdoor table under sunny skies, Munn and Mulaney were all smiles as they chatted over their meal.

"They were having a great time during lunch, laughing and talking," an insider told PEOPLE at the time. "They were really enjoying each other's company."