The stunning Victoria's Secret Angel is expecting her first child with fiance Hermann Nicoli.
The couple became engaged in August last year, and plan to wed this summer.
A source tells E! News, "They are very happy."
Reports suggest the South African model is in her second trimester, which means she and Victoria's Secret best pal Behati Prinsloo will both become mums later this year.
News of Behati's pregnancy leaked earlier this month. Her child will be her first with rocker husband Adam Levine, Maroon 5 frontman and The Voice judge.
"Candice and Behati are best friends and they are not far apart from each other in pregnancy due dates," an insider tells news show Extra. "They both have been experiencing the first stages of being pregnant together and are happy to have each other... They can't wait to be mommies!"
Swanepoel and Nicoli have been dating for over 10 years. The model fell in love with the Brazilian hunk when she was just 17. They met in Paris, France.
Neither Swanepoel nor Prinsloo have confirmed the pregnancy reports.