Celebrity Parents Ryan Reynolds and Blake Lively 'Are So Happy and Excited' About Having Another Baby: Source "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 Melody Chiu Instagram Twitter Melody Chiu is a Senior Editor for PEOPLE. She has been with the brand since 2009, editing, writing and reporting across all entertainment verticals. She oversees PEOPLE's music and events coverage and has written cover stories on Taylor Swift, Selena Gomez, Melissa McCarthy, Blake Shelton and Sandra Oh. The Los Angeles native graduated from the University of Southern California and has appeared on Extra!, The Talk, Access Hollywood and Good Morning America. People Editorial Guidelines and Karen Mizoguchi Published on May 3, 2019 03:10 PM Share Tweet Pin Email 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. Want all the latest pregnancy and birth announcements, plus celebrity mom blogs? Click here to get those and more in the PEOPLE Babies newsletter. Michael Stewart/FilmMagic Ryan Reynolds and Blake Lively Matt Baron/REX/Shutterstock Blake Lively Ryan Reynolds’ Mother’s Day Gift for Pregnant Wife Blake Lively? “Some Skydiving, Maybe Some Skywriting,” He Jokes 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. Matt Baron/REX/Shutterstock Blake Lively and Ryan Reynolds RELATED GALLERY: Who’s Due Next? Lauren, Meghan and 46 More Celebs Who Are Expecting 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.