The couple are reportedly thrilled by the news, which comes just 3 months before ex-wife Kate Price is due to give birth to her first child with husband Kieran Haylor.
Rumours first circulated that the 40-year-old singer’s girlfriend may be pregnant, when Peter was seen holding her stomach lovingly at an event in June.
A source close to the couple told a UK newspaper:
“Peter and Emily are over the moon. They absolutely adore each other, so having a baby together feels completely natural.
“Emily has just finished her degree at Bristol University and has passed all her exams. She still wants to have a career as a doctor, so it is very unlikely she will be a stay at home mum.”
The Mysterious Girl singer first met medical graduate Emily through her surgeon father in 2010, when he operated on Peter to remove kidney stones.
Emily has featured regularly on his reality show My Life, showcasing the couple’s blossoming romance, as well as her growing relationship with Peter’s children 8-year-old Junior and Princess, 6, with ex Katie.
However the singer quashed any rumours of marriage in a magazine interview in May, during which he said:
“It’s too early for that sort of talk! Emily’s still got a year to go at uni, but you never know what’s going to happen, do you? We sort of reserve those conversations at the moment!”
With this exciting news, could wedding bells be next after all?
Katie Price has congratulated the pair on Twitter, writing: 'Genuine congratulations to Pete and Emily and I hope they are very happy – kids excited xxx'.
This latest news will bring their combined brood to a total of 5 children! Unless either of them have twins that is..