Their new bundle of joy joins 8-year-old sister Eloisa May, a rep for the actress told the mag.
"Penelope and James are thrilled to have another girl and a little sister for Eloisa," the rep added.
Penelope, 49, is best known for her roles in "Carlito's Way" and "The Messengers." Next up, she'll star in the adventure movie "Robosapien: Rebooted and Free Style" with "High School Musical" star, Corbin Bleu.
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