"Owen plans to be involved with the baby and help raise him," a source told Us Weekly. This is the Wedding Crashers star’s second child, as he has a three-year-old son Robert Ford with his ex-girlfriend Jade Duell.
"He isn't in a relationship with Caroline, nor do they plan to be in one, but he is very supportive of everything," revealed a source after the pregnancy was announced. "They see each other and talk often about what they want for the child.
"Owen is very open-minded about everything and has told Caroline he will do whatever he can."
Caroline, who filed for divorce from her plastic surgeon husband Ritu Chopra in May, lives in an apartment in Santa Monica, while Owen, 44, lives in a $4million (£2.4milllion) mansion in Malibu.
Owen split from former air marshall Jade Duell five months after their Robert’s birth, but he was determined to remain a big part of his first child's life, too.
'I was never like somebody who was like, 'Oh gosh, it's a little baby! Let me hold it," he admitted on TV show Access Hollywood.
'They're so fragile, but then when it is your own, all of a sudden you feel a lot more confident. You really do have this bond, this real connection with this thing that a month ago wasn't even here. It is strange... their cries are like beautiful music!'
He also remains on good terms with Jade, who he met when she sat next to him on a flight. Late last year Owen bought her and Robert a $1.4 million (£85,000) house in the Mar Vista area of Los Angeles.
Owen, whose brother Luke Wilson is also a hollywood star, previously had a high profile on-off romance with Kate Hudson.