Kevin Federline couldn’t be happier for Britney Spears and Jason Trawick, HollywoodLife.com has learned exclusively from a source close to the 33-year-old former dancer.

“Kevin was made aware that the engagement was imminent and is totally okay with the situation,” the insider says. “He is happy for Britney and hopes for the best with her.”

Adds the source, “He was prepped for it. Victoria [his girlfriend] is thrilled for them too.”

Jason, 40, popped the question to Britney, 30, last night at his birthday party. The pop star is said to be debuting her engagement ring this evening to close family and friends.

UPDATE: Jason Trawick & Britney Spears Split — Engagement Called Off

Reporting by Russ Weakland

Get More Britney Spears

1. Britney Spears Allegedly Getting Engaged To Jason Trawick Today
2. Britney Spears Reveals The Secret To Her Fragrance Successes
3. Britney Spears Gives Joe Jonas A Sexy Striptease: Video!

It will be the third walk down the aisle for superstar Britney, 30. Her longtime boyfriend , Jason, popped the question last night, Dec. 15, at a romantic dinner for his 40th birthday.

“This is something they’ve both wanted for a long time,” a source told US Weekly. “It’s a way to cement their family. They’re both extremely happy and can’t wait to become man and wife.”

UPDATE: Jason Trawick & Britney Spears Break Up — Couple Calls Off Engagement

Britney just posted on Twitter: “OMG. Last night Jason surprised me with the one gift I’ve been waiting for. Can’t wait to show you! SO SO SO excited!!!! Xxo.”

Can we guess that it’s a gorgeous diamond ring that Brit’s dying to show us?

Britney must have been hoping that something big would be happening on his birthday because she also tweeted yesterday: “H bday Jason! He looked so cool in the video, that I had to get him a new motorcycle.”

Jason, and his stunningly buff body, starred in Britney’s new music video for her hit song, “Criminal.”

We sure hope that third time’s the charm for sweet Britney. Her first marriage to childhood friend Jason Alexander, lasted only 55 hours before it was annulled after a surprise walk down the aisle in Las Vegas in 2004. Her second turbulent marriage to former dancer, Kevin Federline, took place on Oct. 16 2004, and only lasted until 2006.

Federline still has primary custody of Brit’s two sons, Sean Preston, 6, and Jayden, 5.

The newly engaged pair are expected to celebrate their news, tonight, Dec. 16, at Planet Hollywood in Las Vegas according to US Weekly.

We really hope Britney’s new marriage brings her great happiness after her struggles with bipolar disease. At one point Britney was committed by her parents to the psychiatric ward at UCLA Medical Center in order to receive treatment. Her father Jamie Spears was subsequently made Britney’s legal guardian, moved in with her and nursed her back to mental health.

Now with her hit records and new husband-to-be we hope she and her boys will have a wonderful family and future!

Britney’s rep responded, no comment ,on the news when Hollywoodlife.com asked.

— Bonnie Fuller

Get More Britney Spears

1. Britney Spears Allegedly Getting Engaged To Jason Trawick Today
2. Britney Spears Reveals The Secret To Her Fragrance Successes
3. Britney Spears Gives Joe Jonas A Sexy Striptease: Video!

Meet little Jordan Kay, Kevin Federline’s new daughter with girlfriend, Victoria Prince! This little girl is the fifth addition to K-Fed’s kids.

While we’re totally happy for the new parents we can’t help but wonder HOW on earth K-fed supports all of his children?

Kevin, 33, and former volleyball playing girlfriend Victoria Prince, 28, brought home their first child together, baby girl Jordan Kay, on August 15. This is the third woman Kevin has bared a child with! The two have been dating since 2008 after meeting on the same recreational bowling team.

Kevin currently has full custody of his two children with Britney Spears – sons Sean Preston, 6 and Jayden James, 5. And he also has two children with actress Shar Jackson: a daughter Kori Madison, 9, and  son Kaleb Michael Jackson, 7.

So the question is: how does K Fed support this brood?  The last noteable job we can recall was his stint on VH1′s Celebrity Fit Club last year ,in which he and his ex-girlfriend Shar Jackson were both trying to shed pounds.

And while, he did  slim down — he’s now bulked up again.

What do you think Hollymoms, should K Fed put a hold on more kids after Jordon Kay, until he gets a real job?

– Taylor Williams

Sean and Jayden love going on tour with their mom and even copy her dancers’ moves!

Britney Spears is convinced Sean Preston, 6, and Jayden James, 5, are heading for careers as entertainers just like her, and their dad — former dancer Kevin Federline!

“When I’m on the road they come with me and they love being on the road,” Britney tells the hosts of British talk show Daybreak.

“They are in awe, they come home and copy the dancers and the dancers’ moves and try to get on their heads and do spins and do all these things. They’ll definitely be in the entertainment businesses.”

Three years after she was placed under a conservatorship, after a series of meltdowns, former Disney star Britney insists she’s in a “good place”, adding, “I’m busy, I’m doing what I love, my family is great … I’m finding my whole click with life.”

It’s great that Britney has bounced back — but should she encourage her kids to pursue fame, after the damage it did to her?

Weigh in, HollyMoms!

– Ian Garland

More Britney on HollyBaby:

1. Britney Spears Goes Boating With Sean Preston & Jayden James — But Where Are Their Life Jackets?
2. Britney Spears V. Kate Gosselin — Which Mom Has The Sexier Abs?
3. Britney Spears’ Niece Maddie Sings Her Song ‘Up ‘N’ Down!’ Too Cute!

Britney Spears’ boys have a new baby sister! K-Fed and his girlfriend gave birth to a daughter!

Congratulations are in order for Kevin Federline and his girlfriend Victoria Prince! Victoria gave birth to a baby girl yesterday at 6:33PM. But what’s her name?

Jordan Kay, reports Us Weekly!

“[Victoria] said that if we were going to have a little girl, she wanted to name her Jordan,” explained Kevin back in April. “And then, we actually thought that it was a boy, but we stuck with the name Jordan because, you know, it fits both ways.”

Now Britney Spears‘ Jayden James and Sean Preston have a little sister to play with! This is Kevin’s fifth child, he also has two children (Kori and Kaleb) with Shar Jackson. This is Victoria’s first child.

Congratulations to the happy family!

Kevin Federline, his very pregnant girlfriend Victoria Prince and his four children Kori, 9, and Kaleb, 7, with ex Shar Jackson and Sean Preston, 5, and Jayden James, 4, with ex-wife Britney Spears, had some family fun in the sun in Malibu, Ca. on Tuesday, July 26. Victoria’s obviously prepping for motherhood!

Kevin and soon-to-be step mom (?) Victoria’s first child together — K-Fed’s fifth — is due next month! And surprise…it’s a GIRL!

We can’t believe K-Fed is only 33 and has five kids! Or, maybe we can…

–Leigh Blickley

More on HollyBaby:

1. Britney Spears’ Dad Forbids Her From Having More Children — He Fears A Baby Would Cause Another Breakdown!
2. Justin Timberlake Still Scarred From His Parents Divorce: ‘I Have A Lot Of Issues’
3. Britney Spears Jealous of K-Fed’s Pregnant Girlfriend! She Has Baby Envy!

Even though she’s finally back on track, Britney Spears is missing the one thing she truly wants. Another baby. And K-Fed’s situation isn’t helping.

We have recently learned Kevin Federline’s girlfriend Victoria Prince is expecting a baby girl, and reports from In Touch Weekly suggest his ex-wife Britney Spears is rather upset by it.

“When Victoria got pregnant, Britney was jealous to begin with,” one source revealed, “but the fact that it’s a girl is really killing her.”

Apparently she has wanted another baby for quite some time and Kevin’s situation is adding salt to the wounds. But those close to Britney, including her father, want her to keep her mind off of babies and stay focused on work, as to avoid another bout with depression.

Her beau of two years Jason Tarwick is at this point ready to expand the family, and start have their own children together.

Another source added, “She has thrown several fits since finding out about the [K-Fed's] baby.”

Will Britney and Jason try for a daughter? Or have more kids regardless?

–Amber Belus

Read More About Britney And Her Boys:

1. Britney Spears To Regain Custody Of Her Boys? That Would Be Awesome
2. Britney Spears Gives Us Insight Into Her Boys’ World! Superheroes, Books And Baseball!
3. Jason Trawick Is Britney Spears’ Sons’ ‘Hero.’ Um, How Does KFed Feel About That?!
4. Britney Spears Shares A Special Kodak Moment With Her Boys! How Sweet!