One source tells the magazine, "Right now they are just enjoying the news for themselves. They just want a happy baby."
Rumors of Biel's pregnancy have been swirling over the past few weeks after pictures surfaced of the actress - who appeared to have a small baby bump.
The couple recently celebrated their two-year wedding anniversary in October.
Congratulations! We can't wait for Baby Timberlake! We can picture the baby gifts now ... baby suit & tie outfits!
Photos: Getty Images & FameFly