UPDATE: Penélope Cruz, Javier Bardem & Baby Boy "Are Doing Great"

Javier Bardem is having the best week ever! Spanish newspaper El Pais is reporting that his wife, Penélope Cruz, gave birth to their first baby this weekend—just days before Javier Bardem found out that he was nominated for a Best Actor Academy award for Biutiful. The glamorous couple had a baby boy at Hollywood's Cedar-Sinai Medical Center and are reportedly in good health, but asking for privacy.

Reps for the couple confirmed the birth on Wednesday. "Penélope and Javier welcomed their first son into their family last week," they said in a statement. "Both parents and baby are doing great."

Cruz, 36, and Bardem, 41, first met when they starred opposite each other in the sexy Spanish film Jamon, Jamon in 1992. Their sizzling chemistry was on full display in Woody Allen's 2008 film, Vicky Cristina Barcelona (for which Cruz won the Best Supporting Actress Academy Award), and the couple was married last July in a small intimate ceremony in the Bahamas. 

Hola! magazine reported that Cruz's mother, Encarna, sister Monica, and brother Eduardo were in L.A. for the birth. Bardem's mother, actress Pilar Bardem, came from Madrid on Monday to meet her grandson.

No word yet on the baby's name, but might we suggest Oscar? Just sayin'...