UPDATED: Confirmed! It's A Boy For Penelope Cruz & Javier Bardem

It’s official — Penelope Cruz & Javier Bardem are proud parents!

After much speculation, a rep for Penelope confirmed the news to Access Hollywood on Wednesday.

“Penelope and Javier welcomed their first son into their family last week,” the rep told Access in a statement. “Both parents and baby are doing great.”

Earlier in the week, two Spanish publications – El Pais newspaper and Hola! magazine – reported that the Oscar winner (she won Best Supporting Actress in 2008 for her role in “Vicky Cristina Barcelona,” which co-starred Javier) had given birth to the couple’s first child in Los Angeles, with one outlet reporting the birth happened on Saturday, and another reporting the child’s birth date as Tuesday.

In her statement to Access, Penelope’s rep did not specify which day the baby was born.

In September 2010, Penelope’s Spanish PR agency confirmed that the couple was expecting their first child together. A short while later, the daddy-to-be also confirmed the news.

“It is true,” Javier told reporters at a press conference in Rome last fall, while promoting his summer hit “Eat Pray Love.” “I am very happy.”

Rumors of a Penelope pregnancy were sparked last summer after a photo of the brunette bombshell on the set of the latest “Pirates of the Caribbean” installment revealed a noticeably fuller waistline.

The notoriously private couple tied the knot in a small Bahamian ceremony in July.

The baby news adds to an already celebratory week for Javier – he was nominated for a Best Actor Oscar on Tuesday morning, for his role in the Spanish film, “Biutiful.”

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