Olivia Wilde and fiancé Jason Sudeikis are expecting their first child together – and wow, is that baby going to hit the genetic jackpot!

Wilde, 29, is a talented actress who got her start on the Fox medical drama “House” and recently co-starred in the race car movie “Rush.”

Sudeikis, 38, is a wickedly funny comedian, which should come as no surprise since he’s a “Saturday Night Live” veteran (in fact, the couple first met on the 2011 season finale of the show.)

It will be the first child for the couple, who got engaged in January.

“They are incredibly happy,” a source told PEOPLE. “They’re very excited to welcome a new member into their family.”

Earlier this year, Wilde talked about having children with Sudeikis. ““He’s so good with kids,” she said in a previous interview with Marie Claire. “I’m open-minded about how many, but three is like a little party.”

Looks like it’s time for the party to get started!

_{Image credit: Cameron Yee [CC-BY-2.0], via Wikimedia Commons (left) ; Eva Rinaldi (Jason Sudeikis) [CC-BY-SA-2.0], via Wikimedia Commons (right)}