In some dresses she looks like she's sporting a baby bump (see photos below) and in others she looks like she has a super flat belly.
Earlier this week she was photographed smoking at the Chateau Marmont in Los Angeles, which should have put the pregnancy rumors to rest, but not so much!
Last night Penelope was on the red carpet at the Toronto International Film Festival premiere of her new film, Broken Embraces, and she was clearly annoyed by reporters.
One reporter tried to ask her about the pregnancy rumors and she snapped, "That's your question?!" – and promptly stomped away, reports People magazine.
And Penelope isn't the only one annoyed by the rumors. Her rep still refuses to comment on the reports, which has left everyone wondering, is she or isn't she?! What do you guys think?
UPDATE: Penelope finally set the record straight--there's no bun in her oven!
"I start getting some presents from friends saying, 'Congratulations, you're pregnant.' And I say, 'No, I'm not, so return the presents,'" she told USA Today. "It's amazing."