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Will Ferrell to Become a Father Again

09/30/2009 at 08:45 PM EDT

Will Ferrell to Become a Father Again
Will Ferrell and wife Viveca Paulin
Kevin Winter/Getty
Will Ferrell's house is fast becoming a real boys' club.

The former Saturday Night Live star, 42 and his wife, auctioneer Viveca Paulin, 40, are expecting their third child, a boy, the actor's rep tells PEOPLE.

The couple, who met in an acting class in 1995, have two sons already – Magnus, 5 ½, and Mattias, 2 ½. Their little brother is due in January, according to a source.

Ferrell last starred in this summer's Land of the Lost, and earlier this year his Broadway show, featuring his famous George W. Bush impersonation, was nominated for a Tony.

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