"They're over the moon in love," a friend of the couple's tells PEOPLE.
In addition, the two, already parents to son Rafael, born in September 2011, are expecting another child later this year. The pregnancy was announced in July.
The Sherlock Holmes: A Game of Shadows director, 44, was previously married to Madonna, having tied the knot at a lavish 2000 wedding in Scotland.
The two have a son, Rocco, now 12, and adopted their son David, from Malawi, in 2008. (He's now 7.)
In October of that year they ended their marriage.