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Will Ferrell and wife expecting third child

The former "Saturday Night Live" star, 42 and his wife, auctioneer Viveca Paulin, 40, will welcome another boy in January.
/ Source: PEOPLE.com

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, and Mattias, 2. 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.