The news will come as a big shock to Simon's fans, given that he has said in the past he doesn't feel cut out for fatherhood. But that is not the only twist in the tale.
Lauren, 36, is technically still married — to Simon's close friend Andrew Silverman, a real estate mogul. She reportedly plans to leave her estranged husband to be with the British star.
"Lauren and Andrew have been unhappy in their marriage for sometime, and their divorce has been in the works for a while," a source told the magazine. "As their marriage deteriorated, she and Simon became close."
In 2009, Simon admitted he couldn't see a family in his future. "God, no. I couldn't have children," he said. "If I had them here drawing on the walls, I'd go nuts.
"With kids you've got a routine you can't escape from. You've got to be up at a certain time. Got to listen. When all you want to do is sit in a corner thinking."
But recently, he seems to have warmed to the idea. "Well, yes," he said, when asked if he had changed his mind about children in an interview last year. "And no. I do really, really like kids, because I can talk to them and listen to them.
"The problem has always been how much time you need to devote to bringing up kids. I've always dedicated all my life to work, and at 52, I've probably missed the opportunity."
Simon and Lauren have been photographed together in the past, with the brunette beauty a regular fixture during his annual holiday in St Barts.
Lauren bears a striking resemblance to Simon's ex fiancee, Mezhgan Hussainy, who he split from in 2012. Most recently, the American Idol judge was linked to Carmen Electra, but confirmed in February that he was single.
"We spent time together and she is much fun," he said. "But I'd like to find a girlfriend."