There's another gorgeous celebritot on its way!

Penelope Cruz and husband Javier Bardem are expecting their second child together, Page Six reports. Although the couple and their reps have yet to confirm the happy news, multiple sources have confirmed the pregnancy.

The Spanish actress and her hubby welcomed their son Leonardo in January 2011, and the minute she became a mom, the Vicky Christina Barcelona star's perspective changed completely.

"From the first second, you feel so much love. It is a revolutionary experience. That's the best way I can describe it. It transforms you completely, in a second. Nature is very wise and gives you nine months to prepare, but in that moment, when you see that face, you are transformed forever," she dished to Vogue.

The Academy award winning beauty will have a baby on board the same time as her sister Monica, who announced she was expecting via a sperm donor earlier this month.

Congrats!

She's all over the place these days!

Penelope Cruz attended the photocall for her new film Venuto al Mondo in Madrid today, and the Spanish actress struck a fierce post in jeans and a bright orange trench.

In addition to this film, the Oscar winner also has two other movies in post production, including the Spanish film Los Amantes Pasajeros and The Counselor, which co-stars Brad Pitt and Michael Fassbender.

If all this acting wasn't keeping her busy enough, she's also adding music and modeling to her expanding resume!

Not only is Javier Bardem's wife the new face of luxury brand LOEWE for their 2013 S/S campaign, she's also launching a singing career! The brunette bombshell recently recorded a duet with Latin Grammy-winning Spanish musician Miguel Bose, and sexes it up big time in the music video!

She's one hot mama!

This has to be the cutest couple in Hollywood!

Penelope Cruz and husband Javier Bardem held tight to each other as they walked through the streets of Milan yesterday, and by the looks of it, this is definitely a marriage made in heaven!

The Spanish actress is in Italy to promote her "Kiss Superstition Goodbye" Campari calendar party.

It's been a busy couple months for the pair! The Skyfall actor just received his star on the Hollywood Walk of Fame, in addition to putting in countless hours on the new documentary Sons of the Clouds.

Little Leo is so lucky to have two beautiful and accomplished parents!

Penelope Cruz looked drop dead gorgeous in an off-the-shoulder purple lace dress and sexy heels as she hit the red carpet for the premiere of her newest Woody Allen flick, To Rome With Love, in NYC on Wednesday evening.

The stunning star plays a prostitute in the upcoming film, and she nabbed an Oscar for her first collaboration with the famed director in 2008's Vicky Cristina Barcelona.

Cruz was definitely gushing over Allen at the premiere, telling reporters: "I would love to work with him 20 times. I'm fascinated by his personality. Even a day of press, which is not my favorite part of this job, he makes it so interesting and so fun," while Woody called her "one the great movie stars of the world."

Despite the drama surrounding his recent run-in with a photographer, Alec Baldwin was all smiles at the film's premiere, while he proudly showed off his new fiancee, Hilaria Thomas. The pair must be gearing up to tie the knot soon, because Baldwin was picking up his marriage license when the photog drama went down!

To Rome With Love opens nationwide on June 22.

Penelope Cruz looks drop dead gorgeous in a gold leather Versace dress in the pages of Harper's Bazaar. Muy caliente!

The Spanish actress and mom of 14-month-old son Leonardo is planning on slowing down her acting career. Cruz tells the mag:

"Maybe I'll make one movie a year, maybe two, but it's not going to be more than that because I have other priorities now."

Penelope also opens up about her obsession with Meryl Streep. She adds:

"When I first started watching movies and I saw Meryl's work, that's when I became obsessed with acting. Now I kiss her whenever I see her! She must think I'm crazy."

Click thru to see Javier Bardem's wifey showing a whole lotta leg.

Getty Images

The always stunning Penelope Cruz looked drop-dead gorgeous in a custom silver Giorgio Armani organza gown, paired with Chopard jewelry, at the Academy Awards Sunday evening.

Cruz was the first Spanish actress in history to receive an Academy Award, and she's serving as one of tonight's presenters.

What do you think of Penelope's red carpet look?

We don't know how to handle this many good-looking people in one family!

Penelope Cruz and Javier Bardem took their rarely seen son Leo on a Spanish holiday to spend time with Cruz's brother, Eduardo and his girlfriend -- who is, of course, Eva Longoria. They're vacationing in Roses, Costa Brava.

The group had a mountain-side lunch on a beautiful spread, and Eva, 36, couldn't keep her hands off of her younger man, Eduardo, 25 -- see the pics in our gallery below!

Little Leonardo was born at the end of January to Bardem, 42, and Cruz, 37. The couple began dating in 2007 and married in secret in July 2010. Leo is the pair's first and only child.

While Penelope and Javier are notoriously private, they have revealed the story of how they met -- and it totally surprised us! See the super-sexy video of their first encounter after the jump!

Mert Alas & Marcus Piggott

Penelope Cruz has transformed from a natural beauty to a heavily made-up vixen for V Magazine's Transformation issue. Ooh, la la.

The 37-year-old mama is showing off an androgynous and sexy look ... all in one photo shoot!

Ms. Cruz, wearing a black Dolce & Gabbana dress, tells the mag her biggest transformation to date "is becoming a mother ... it changes you forever."

Penelope is set to star in Woody Allen's upcoming film The Bop Decameron.

See more of the sexy Latina ... after the jump.