Wood, 68, is already a father to four children from previous marriages, and has nine grandchildren.
Humphreys, 37, is said to be around three months pregnant with the couple's first children together, reported Aceshowbiz.
A spokesperson for the band said, "Sally and Ronnie Wood are delighted to announce that they are expecting twins in June 2016. Needless to say, they are thrilled and overjoyed with the wonderful news."
Wood tied the knot with Humphreys at the Dorchester Hotel in London in December 2012 after a whirlwind six month romance. He is said to be "excited" about the baby.
"He can't wait to be a dad again, and doesn't think his age is a problem at all. He still feels very young and fit.