If you were watching the Oscars last night and thinking Reese Witherspoon looked like she was preggers -- you aren't the only ones. We definitely thought so too!

Our photogs caught the Oscar winner earlier in the day fresh off a trip to the gym and our eyes couldn't avoid her tummy and what looks like a possible baby bump.

We've been spying the country gal around town over the past week (that lady loves to run errands) and we've noticed that she's put on a little weight in her midsection. Now that may just be some leftover holiday pounds, but she works out a lot -- so we think it's more likely that the mom of three has another bun in the oven.

Reese is 39 -- and by midwestern standards she's over the hill but in Hollywood, the blonde is still a spring chicken. She could still have lots of babies!

Reese is mother to Ava Elizabeth Phillippe and Deacon Reese Phillippe, her two kids with ex Ryan Phillippe, as well as her son with Jim Toth, Tennessee James Toth.

So you know what we think about Reese getting ready to have another bundle of love, but what do YOU think?