The couple, who are already doting parents to Amelia and Theo, announced their joyous baby news on Instagram with a heartwarming snapshot of Emily proudly brandishing photographs from a recent sonogram.
Sharing their news with the world, an excited Peter and Emily penned in their caption: "We are delighted to share the news with you all. A new addition to our family in 2024."
They continued: "The kids are so excited [heart emojis]. So are we."
As the lovebirds prepare to welcome their new family addition, the team at HELLO! is taking a closer look at Peter and Emily's romantic love story, covering everything from their rather peculiar first encounter to their fairytale nuptials.
Keep scrolling for their full relationship timeline…
Bizarre first meeting
Whilst the couple's enduring love story is seemingly picture-perfect, Peter and Emily's romance came about as a result of a bizarre encounter…
They first crossed paths back in 2010 when Peter was treated by Emily's father, Dr Ruaraidh MacDonagh, for painful kidney stones.
After forming a close bond with consultant urologist Ruraidh, Peter subsequently met Emily who was a medical student at the time.
Speaking to Cornwall Live about their unlikely meeting, Peter explained: "It's the most bizarre thing. I had to have an emergency operation on a kidney in Taunton. I wasn't even in the area but I was transferred there and the on-call consultant was Emily's dad.
"I was so grateful that I said, 'If there's anything I can ever do…' I later got him a couple of tickets for the Plymouth show, but he couldn't make it, so his wife Rebeccas came along with their daughter, Emily."
Peter's dating faux pas
On their first date, Peter attempted to win Emily over with a flashy gesture – picking her up in a snazzy Lamborghini. "He turned up to my student flat in Bristol and it was snowing, really snowing," Emily revealed on Loose Women.
"He decided to drive a Lamborghini to come and visit me in university. That doesn’t really float my boat.
"I think he misjudged it slightly because I couldn't care less about cars, but he didn't do it again, that's for sure."
From friends to lovers
Whilst the pair initially started out as friends, Peter and Emily's friendship eventually blossomed into a romantic relationship.
In conversation with Cornwall Live, the father-of-four revealed: "We had a bit of a laugh and I thought, 'Oh they're really nice people'. As time went on, Emily and I realised we had feelings for each other and two years after meeting at Plymouth Pavilions, we were married."
After a whirlwind romance, Peter popped the all-important question on New Year's Eve in 2013. He got down on one knee in their baby's nursery room, just days before their daughter Amelia was born.
The duo said "I do" in July 2015 at Mamhead House in Exeter. On her big day, Emily looked every inch the beautiful bride in an angelic Sassi Holford Italian Mikado bridal gown complete with long lace sleeves.
Peter, meanwhile, looked dapper in a smart suit and a white boutonniere. And while their little girl Amelia (known affectionately as Millie) has not been pictured at their wedding, their daughter would have been 18 months old at the time.
They went on to welcome a second child – a son called Theo – in November 2016.
What have Peter and Emily said about their marriage?
Speaking to The Sun about the secret to their happy marriage, Emily revealed how she and Peter always make time for one another, despite their hectic work schedules.
"I said to him what do you want for your birthday and he said that all he wants is a night away with you," she told the publication, adding: "He's always gone away a lot since we've been together but I always miss him."
Meanwhile, during a candid chat with Closer magazine, Peter said: "Over time, it 100 per cent depends on how you get on. That ends up being the key factor as to whether relationships work or not.
"If you're in love with someone you can't tell if they've put on a couple of kilos or got a couple of wrinkles. You don't notice that, because you've fallen in love with a personality. You bypass everything else - even though Emily happens to be absolutely stunning, anyway."
Does Peter have any other children?
Aside from Amelia and Theo, Peter is also a doting dad to 18-year-old Junior and 16-year-old Princess whom he shares with his ex-wife, Katie Price. The former couple separated after four and a half years together.
Junior appears to be following in his famous dad's musical footsteps, whilst Princess appears to be carving out a career in the world of social media and fashion.
Emily shares an incredibly close bond with her two stepchildren - and judging by Emily's social media posts, the beautiful, blended family relish spending time together both at home and beyond.