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"The couple is thrilled about the news," says the rep.
The couple already have a son, 8-year-old Christian, and Combs has another son, Justin, 12, with fashion stylist Misa Hylton-Brim.
The record mogul and hip-hop performer, 36, also runs the men's fashion company Sean John and recently launched his own fragrance, Unforgivable. His new album is due out in October.
Combs and Porter, 35, first began dating in the nineties. They split in 1999. However, the couple later reconciled and Combs told PEOPLE in March 2003, "My love life is straight. I'm back with Kim."
JOSH & FERGIE: ROCKED BY SCANDAL
Did he cheat with a stripper?
Married less than a year, the couple denies an Atlanta woman’s claims that she and Josh had a fling
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