The Vicky Cristina Barcelona star is pregnant and due to give birth later this year (13), according to the New York Post.
Representatives for the couple had yet to comment on the news as WENN went to press.
If the reports are true, Cruz and her model sister Monica will be pregnant at the same time - last month (Jan13) the beauty announced she was expecting her first child via an anonymous sperm donor.
Penelope Cruz wed Oscar winner Bardem in 2010. Their firstborn, son Leonardo, turned two on 22 January (13).