Baldwin, 57, is also a father to 20-year-old daughter Ireland, from his first marriage to actress Kim Basinger, reported Us magazine.
The former "30 Rock" star's wife Hilaria confirmed the happy news on Instagram, just nine months after the couple welcomed its second child, Rafael, last June.
"(We) are excited to share with you that we are going to have another addition to our family," Hilaria wrote alongside a photo of the couple sharing a kiss in a city street as she holds a pale blue teddy bear.
Baldwin and Hilaria tied the knot in June, 2012 and are also parents to two-year-old daughter Carmen.
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