Justin Bieber excitedly revealed the name of his unborn baby after announcing Hailey’s pregnancy

“They’re also starting to decorate a nursery. They can’t wait to meet the baby,” a source tells PEOPLE

Hailey and Justin Bieber are ready to be parents and have a name in mind for their baby.

A source tells PEOPLE that the day the parents-to-be found out they were expecting their first baby together was “just the best day for them.”

Justin Bieber and Hailey Bieber. PHOTOGETTY;RORY KRAMER

“Everyone is excited for them,” the source says. “They will be great parents, and Justin will be super involved. This will be the next important project for him. He’s so excited to raise his baby. They have a name that they think is perfect. They’re also starting to decorate a nursery. They can’t wait to meet the baby.”

A post shared by Justin Bieber (@justinbieber)

The model, 27, and singer, 30, shared the news with a joint Instagram post on Thursday, May 9. The post contained a video showing the couple, who have been married since 2018, renewing their vows.

Hailey Bieber and justin Bieber Pregnant announcement

The post also included photos of the two showing off their matching wedding rings and posing for romantic photographs in an empty field.

“They have both been very emotional about it. They feel so blessed,” the source says. “They’ve also felt very protective of the baby from the moment they found out. They shared with family and close friends early on. It was very important for them to keep it quiet and just enjoy [it] for as long as possible before they publicly confirmed.”

After sharing the news publicly, many of their friends shared their excitement in the post’s comment section.

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Chrissy Teigen commented, “EEEEEEEEEEEEEEEEEEEEEEEEE!!!!!! You are going to be an amazing amazing mommy oh boy get ready!!! So exciting so happy for you both!!” Aimee Song wrote, “@haileybieber you’re going to be such an incredible mama!!!!! Congrats you two!!” Justine Skye shared, “I LOVE YOU GUYSSSSSS 😭🫂🤍.”