The couple announced the gender of their baby in a variety show on Sunday after Velasquez had her ultrasound.
Velasquez said she will name the baby Timothy Joseph.
Velasquez is now 5 months pregnant with her first baby.
Alcasid has 2 daughters with his former wife, Michelle van Eimeren.
Alcasid and Velasquez were married last December 22, 2010.