Michael Phelps and wife Nicole Johnson are expecting baby No. 3 -- See the cute announcement

The Phelps family is about to be a party of five!

Michael Phelps announced on Instagram that his wife, Nicole Johnson, is pregnant with their third child. In the photo, his two sons, Boomer, 2, and Beckett, 1, are in a kids car that has gold balloons attached to the front of it that read "Baby."

"[Number 3] on the way!" the proud dad captioned the pic. "Can’t wait to see the journey that this takes us on!!! #luckyman #boyorgirl? #P3"

Phelps' wife shared the same photo on Instagram, writing: "Oops we did it again 🧒🏼👦🏻👶🏻 I get to be a mama x3!! #furbabymama x2 #p3 #herewegoagain"

The news was also announced on their sons' Instagram accounts, with Boomer's photo including one of the family dogs in the little car. "I asked mom for a new baby for Christmas last year and .... well my wish finally came true!!! I wonder if I’m gonna have little brother or a little sister? #P3," read the caption.

As for Beckett, his caption about the baby-to-be read: "I’m not sure what this means but I was just told I’m promoted to Big Brother!! #P3"

Phelps expressed to ET back in 2017 that he was looking to expand his family when his wife was still pregnant with Beckett. "We always talked about three, so second one is on the way. We’ll see what happens," he said. "We’re going man-to-man now, and it’s probably going to be more challenging."

Ahead of Beckett's birth, Phelps said he was feeling a bit more prepared this time around, but didn't expect it to get any easier. "For me, I was there for some of it but not all of it with Boomer ‘cause I was training and traveling," he confessed. "With Nicole and I, it’s really trying to find the balance of that each kid gets the attention they need. I think that’s going to be a challenge, a learning process for both of us."

11 PHOTOS
Michael Phelps at the 2016 MTV VMAs
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Michael Phelps at the 2016 MTV VMAs
NEW YORK, NY - AUGUST 28: Michael Phelps presents onstage during the 2016 MTV Video Music Awards at Madison Square Garden on August 28, 2016 in New York City. (Photo by Theo Wargo/MTV1617/Getty Images for MTV)
NEW YORK, NY - AUGUST 28: Olympic swimmer Michael Phelps onstage during the 2016 MTV Video Music Awards at Madison Square Garden on August 28, 2016 in New York City. (Photo by Kevin Mazur/WireImage)
NEW YORK, NY - AUGUST 28: Michael Phelps presents onstage during the 2016 MTV Video Music Awards at Madison Square Garden on August 28, 2016 in New York City. (Photo by Theo Wargo/MTV1617/Getty Images for MTV)
NEW YORK, NY - AUGUST 28: Olympic swimmer Michael Phelps (L) and Nicole Johnson attend the 2016 MTV Video Music Awards at Madison Square Garden on August 28, 2016 in New York City. (Photo by Dimitrios Kambouris/WireImage)
NEW YORK, NY - AUGUST 28: Olympic swimmer Michael Phelps (L) and Nicole Johnson attend the 2016 MTV Video Music Awards at Madison Square Garden on August 28, 2016 in New York City. (Photo by Dimitrios Kambouris/WireImage)
NEW YORK, NY - AUGUST 28: Olympic swimmer Michael Phelps (L) and Nicole Johnson attend the 2016 MTV Video Music Awards at Madison Square Garden on August 28, 2016 in New York City. (Photo by Dimitrios Kambouris/WireImage)
NEW YORK, NY - AUGUST 28: Olympic swimmer Michael Phelps and model Nicole Johnson attend the 2016 MTV Video Music Awards at Madison Square Garden on August 28, 2016 in New York City. (Photo by Jeff Kravitz/FilmMagic)
NEW YORK, NY - AUGUST 28: Olympic swimmer Michael Phelps and Nicole Johnson attend the 2016 MTV Video Music Awards at Madison Square Garden on August 28, 2016 in New York City. (Photo by Dimitrios Kambouris/WireImage)
NEW YORK, NY - AUGUST 28: Olympian Michael Phelps and finace Nicole Johnson attends the 2016 MTV Video Music Awards at Madison Square Garden on August 28, 2016 in New York City. (Photo by Jamie McCarthy/Getty Images)
NEW YORK, NY - AUGUST 28: Olympic swimmer Michael Phelps and model Nicole Johnson attend the 2016 MTV Video Music Awards at Madison Square Garden on August 28, 2016 in New York City. (Photo by Jeff Kravitz/FilmMagic)
NEW YORK, NY - AUGUST 28: Olympic swimmer Michael Phelps onstage during the 2016 MTV Video Music Awards at Madison Square Garden on August 28, 2016 in New York City. (Photo by Kevin Mazur/WireImage)
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