Blake Lively and Ryan Reynolds Expecting Their Third Child

The couple are already parents to 4-year-old daughter James and 2-year-old daughter Inez.

Major congrats are in order for everyone's favourite couple, Blake Lively and Ryan Reynolds, who are set to welcome their third child!

Stepping out at the New York City premiere of 'Pokémon: Detective Pikachu' on Thursday, fans were in for a sweet surprise as Blake hit the red carpet wearing a yellow dress that showed off a significant baby bump.

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Blake Lively debuts her baby bump on the red carpet. Image: Getty

Reynolds, who is voicing Pikachu in the new flick, recently spoke to PEOPLE about the fact that he and his 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.

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Blake Lively was all smiles as she showed off her growing bump. Image: Getty

Ryan and Blake first met in 2010 on the set of 'Green Lantern' when they were both in relationships -- with Blake dating 'Gossip Girl' co-star Penn Badgley and Ryan married to actress Scarlett Johansson.

They reportedly started dating around a year later in October 2011 and on September 2012 they officially married at Boone Hall Plantation in Mount Pleasant, South Carolina.

Congrats, guys!

Image: Getty