Olivia Wile (29) and her fiancé Jason Sudeikis (38) are excepting their first child together.

People exclusively reported the news and a source close to the couple told the magazine, "They are incredibly happy, they're very excited to welcome a new member into their family."

The couple met in 2011 on the set of the season finale of 'Saturday Night Live' and they became engaged just after Christmas in January of this year (2013).

Each actor has been previously married as Sudeikis married '30 Rock' writer Kay Cannon in 2004 after five years of dating. They separated in 2008 and their divorce was finalized two years later.

Wilde married Italian filmmaker and musician Tao Ruspoli in 2003, when she was only 19 years old. The 'Rush' actress filed for divorce in 2011 citing 'irreconcilable differences', which was finalised in September of the same year.

Jason, who recently starred the comedy 'We're The Millers' opposite Jennifer Aniston, was interviewed by Maxim for its September issue (released Aug 13th). The 38 year-old spoke about his future wife, gushing, "You know, being beautiful is actually only like fifth or sixth of the things that are amazing about (Wilde). She's really hilarious. And she loves basketball!"

Meanwhile, Wilde recently featured as the cover girl for the October issue of the magazine Allure. David DeNicolo, a writer for the mag, reported, "ask Wilde anything about Sudeikis, and you'd better prepare to settle in for a while as she explains how handsome he is, how smart he is, how funny he is, how much she likes his midwestern personality, how much she likes his family, how she can't wait to have kids with him".

The actress also told Marie Claire in its April issue that she can't wait to start a family, as she stated "I'm open-minded about how many, but three, which I love, is like a little party." The 29 year-old added, "[Jason] is so good with kids ... I've never before experienced looking at someone and thinking, 'That's who I want to raise a child with.'"

The duo seem very much in love and are excited about welcoming a new addition to their family.

Congrats to the happy couple!

olivia wilde jason sudeikis
Sudeikis and Wilde are expecting their first child together