The couple are already parents to three-year-old son Hank Baskett IV and have now decided to give their child a brother or sister.
Kendra and Hank made the decision after discovering a ''new love'' for one another during a recent vacation to Big Bear Lake, in Southern California.
The former Playboy model told People magazine: ''On our week vacation in Big Bear, we found this new energy with each other, a new love, a new fascination about each other. And right now, we found the key to happiness. We have the key to marriage, we have the key to parenting, why not, right now, bring a new life into this world while we're this happy? It just makes sense.''
Kendra - whose reality show, 'Kendra On Top, hits screens later this summer on WeTV - has been thinking about having another child for some time, because raising Hank Junior has been such a delight.
Speaking last month, the 28-year-old blonde beauty said: ''Hank is in school, he does homework and he's taking swimming lessons. He uses his imagination and doesn't even want to watch TV. He's the most amazing little human. He's making us feel comfortable about baby number two.''