The 38-year-old, gave birth to her first child, son Leonardo, in January 2011, six months after she and Bardem, 43, tied the knot at a friend's home in the Bahamas, reported New York Post.
According to reports, the actress has been spotted recently with a fuller figure and sources close to the star confirm that she is indeed pregnant.
Crus broke down in tears when she had shared her experience of becoming a first-time mom in 2011.
"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 had said.
Recently it was revealed that Cruz's younger sister, Monica Cruz, is also pregnant.
Monica, 35, announced earlier in January that she was expecting her first child via an anonymous sperm donor later this year.