Another fan said: "Wait - a little baby emrata?"
And a third wrote: "So you are pregnant? Thats awesome, best of luck :) enjoy :)"
The photo climbed to an impressive 260,000 "likes" from her 23.9million followers in just two hours.
Emily went public with her relationship to filmmaker Seb just weeks before they got married in secret back in 2018.
At the time, Ratajkowski shocked her Instagram followers by revealing she was a married woman: "So I have a surprise for you. I got married."
Emily and Sebastian exchanged vows in an intimate New York ceremony with close friends and family.
The Sun Online has approached Emily's representatives for comments on the rumours.