Credit: Frazer Harrison/Getty Images

Oh, boy!

Will Ferrell and his wife Viveca Paulin are expecting their third baby, a boy, the actor's rep confirms to

The Land of the Lost star, 42, and his auctioneer wife, 40, are already parents to sons Magnus, 5, and Mattias, 2.

The couple met at an acting class in 1995 and wed in August 2000.

Earlier this year, Ferrell won a Tony Award for his Broadway show, You're Welcome America: A Final Night with George W. Bush.