"They really are very hands-on parents," a source tells PEOPLE of third-time parents-to-be Blake Lively and Ryan Reynolds

By Melody Chiu Karen Mizoguchi
May 03, 2019 03:10 PM

After Ryan Reynolds and Blake Lively gave fans a Pika(chu) at her baby bump, the secret is out: they’re expecting their third child!

“They are so happy and excited about having another baby,” a source close to the couple share with PEOPLE exclusively.

Reynolds, 42, and Lively, 31, announced the pregnancy when she stepped out at the New York City premiere of Pokémon: Detective Pikachu on Thursday, wearing a yellow dress that hugged her belly.

“They really are the most in-love and in-tune couple, and very hands-on parents. They’d have a dozen kids if they could,” the insider adds.

The couple — who wed in 2012 — are already parents to daughters Inez, 2½, and James, 4.

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Ryan Reynolds and Blake Lively
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Blake Lively
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Lively previously raved about creating a family with her husband, telling Allure in 2012, “I’ve always wanted a big family. Oh, I’d love 30 [children] if I could.”

And Reynolds recently told PEOPLE he and his Gossip Girl alum wife won’t work at the same time in order to keep their family together.

“Blake and I don’t do movies at the same time. If she is doing a movie in Thailand and I am doing a movie in Vancouver we would just never see each other. We operate as a unit, and that works really well for us,” Reynolds said.

Blake Lively and Ryan Reynolds
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He continued, “The kids stay with us, and the family stays together, and that is where home is. So if we are in Spain or Utah or New York, as long as we are together, we’re home.”

Though Reynolds is currently outnumbered, that doesn’t mean he’s necessarily hoping for a boy this time around.

“Having a daughter was a dream come true for me. If I could have nine daughters, I would be thrilled. Really, like I genuinely would be,” the actor told PEOPLE in 2016.

Pokémon: Detective Pikachu hits theaters May 10.

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