Prince Albert and Princess Charlene of Monaco Expecting a Baby

May 30, 2014 -- Another royal baby is on the way!

Prince Albert II and Princess Charlene of Monaco are expecting a baby -- and an heir to the principality's throne -- they announced.

"Prince Albert and Princess Charlene have the immense joy to announce they are expecting a happy event," a statement from the royal palace said, according to the AP. "The birth is due at the end of the year."

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The prince, 55, and the former Olympic swimmer, 36, married in 2011. This will be their first child together, though Prince Albert has two children from previous relationships: a daughter, Jazmin Grace Grimaldi, and a son, Alexandre Coste.

Unlike this baby, Prince Albert's older children were born out of wedlock and, thus, cannot be heirs to the throne.

This baby will be first in succession. Prince Albert II is the son of Princess Grace and Prince Rainier III.