Hollywood's most glamorous couple are to throw the party of all parties for new parents J Lo and Marc Anthony, it has been reported.

According to the Daily Star, Tom Cruise and wife Katie Holmes are planning to spend £100,000 on the bash, to celebrate the birth of J Lo's twins.

Party ideas are to be themed pink and blue to welcome the newborn boy and girl, with coloured cakes for the high-profile guests to nibble on.

Children's birthday entertainers will be on hand to entertain the celebrity offspring at the party, while their showbiz parents mingle at the Hollywood Hills event, the newspaper adds.

A source said: "Tom and Katie are so pleased for Jennifer and Marc."

Celeb guests reportedly include the Eva Longoria, John Travolta and Brit couple David and Victoria Beckham.

"While David and Victoria can't promise to be there because of David's football commitments, they've offered to help any way they can," the newspaper mole claimed.

Fellow celebrity Jessica Alba is also to give birth to twins later on this year, it has been reported.