Cruz will star opposite Daniel Craig in the follow-up to "Skyfall." The film does not yet have a title but will be the 24th official James Bond film.
The "Vicky Cristina Barcelona" actress has surpassed Honor Blackman to become the oldest Bond girl yet -- she turns 40 this year. Blackman played the infamous Pussy Galore in 1962's Goldfinger, when she was 39.
The shoot will put pressure on the pregnant Penelope to drop the baby weight right after she gives birth, but producers are sure Cruz will be as svelte as ever on the set.
The Oscar-winning actress is expecting her second child with husband Javier Bardem "any day," the Daily Mail reported.
"Bond girls are always brainy as well as sexy, and that's totally Penelope," a source said.
It's that combination that attracted Bardem, who played the villain in the last Bond film. No word yet on whether the two will have a connection in the next film.