The couple are expecting their first child together, her rep confirms to PEOPLE.
Cotillard, 35, and Canet, 37, first starred together in 2003's Love Me If You Dare and began dating in 2007. Their baby is due this spring, according to a source.
Though the actress has been spotted wearing a diamond solitaire on her left hand – a present from Canet – they are not engaged. "They haven't disclosed any plans concerning marriage," says the source.
The couple most recently collaborated for the film, Little White Lies, which Canet directed. Cotillard will next be seen in Woody Allen’s Midnight in Paris and Steven Soderbergh's Contagion. The actress won an Oscar in 2007 for La Vie en Rose.
Reporting by PETER MIKELBANK