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The former Party of Five star, 40, told Access Hollywood that he and Kelley, 32, who appeared on Real World: New Orleans, are both very "excited" at the prospect of becoming parents.
In 2006, when asked about having children, Wolf told PEOPLE, "That's the plan."
Kelley is about five month along, PEOPLE confirms, and this is great news for the couple, who earlier this year encountered a health scare.
After a lumpectomy, however, it was discovered that Kelley's breast tumor was benign.
• Reporting by MONICA RIZZO
• Bailey's having a baby! Leave your congratulations here
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