Second Child on the Way for Pete Wentz

There’s a baby on the way for Pete Wentz!

The Fall Out Boy bassist, 34,and his model girlfriend, Meagan Camper, are expecting their first child together, Wentz announced Monday on Instagram.

“We’re super excited to announce we’re expecting a baby,” he writes, along with a photo of the parents-to-be cuddling and sharing a smooch.

“They’ve been planning on this for a while,” a source close to the couple tells PEOPLE. “And they’re really excited for Bronx to have a new little buddy.”

During a recent appearance on The Wendy Williams Show, the Best Ink host — who is currently on tour with Fall Out Boy — hinted at a permanent future with his girlfriend, saying the couple discuss marriage “a lot.”

“I feel really lucky,” he said. “It’s really interesting when you’re in a relationship with somebody who’s truly my best friend. I talk to her about everything.”

This will be the second child for Wentz, who welcomed son Bronx Mowgli with ex-wife Ashlee Simpson in 2008.