GIULIANA RANCIC AND HUSBAND ARE EXPECTING A BABY!!!!

Giuliana Rancic announced earlier today that herself and her hubby of almost 5 years are expecting their first child together while appearing on Today's show.

"We are so thrilled that our prayers have been answered," the E! News anchor and Fashion Police cohost exclusively tells us. Adds Bill, "We are absolutely ecstatic to be sharing this with everyone who has been following our journey."

The baby is due in late summer via a gestational surrogate.

CONGRATS to them!!!!!!!!!!!!!