Blake Lively Is Pregnant With Baby No. 2 With Ryan Reynolds -- See the Burgeoning Bump!

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Blake Lively and Ryan Reynolds are having another baby!

A source close to the Gossip Girl star confirms to ET that she's pregnant with baby No. 2.

WATCH: Ryan Reynolds Jokes About Sex With Blake Lively While Accepting MTV Movie Award

The 28-year-old actress was recently spotted on set in Los Angeles filming The Shallows concealing what looked to be the beginning of a bump.

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This is exciting news for the couple, who had their 1-year-old daughter, James Reynolds, in December 2014.

WATCH: Ryan Reynolds Defends Naming His Daughter 'James' and Gushes About Fatherhood

Congrats to the happy family!

Watch the video below to see Reynolds sweetly and hilariously thank his wife during his Best Comedic Performance acceptance speech at this year's MTV Movie Awards.