04/21/2004 at 01:00 AM EDT
Michael Douglas, 55, has confirmed the widely circulated rumor that his fianceactress Catherine Zeta Jones, 30, is pregnant with the couple's child. The leading man told a PEOPLE Online correspondent late Friday afternoon (California time): "We obviously were hoping to hang onto this information a little longer than expected but, yep, Catherine's expecting, and both of us couldn't be happier." Douglas also promised additional information on his web site
. No word, though, on when the baby's due. The couple met at the Deauville Film Festival in August 1998, and Michael proposed this past New Year's Eve at his house in Aspen, Colo. The Welsh-born Zeta Jones was previously involved with actor Angus Macfadyen and former Columbia Pictures chief Jon Peters, whose 1996 proposal of marriage she turned down because, she said, "I want to be known as an actress rather than a Hollywood wife." This will be her first child. In other news of the Douglas family, Michael's son, Cameron, 21, will not be indicted on charges of cocaine possession, reports New York's Daily News. (The boy's mother is Michael's first wife, Diandra.) Cameron had been arrested in New York in November, allegedly for buying cocaine. It is believed that the young Douglas is working on a plea bargain and that he will probably be sentenced to a drug rehab facility. He is due back in court March 9.