The former pop star, 50, revealed his wife Emily MacDonagh, 34, is expecting their third child together.
He said: “We are delighted to share the news with you all.
“A new addition to our family in 2024
“The kids are so excited. So are we.”
Sharing a snap on Instagram, Emily stood behind Peter holding up their baby scans.
The couple already share Amelia and Theo together.
Peter also has two older children – son Junior, 18, and 16-year-old Princess – with his ex-wife Katie Price.
Emily, who is 16 years Peter’s junior, works as a doctor in A&E.
They met through Emily’s dad, who is also a doctor, when he treated Peter for kidney stones.
Peter, who turned 50 this year, had always wanted a big family and after talked about adding to the brood.
He said in 2022 that they wanted to try for another baby – but often had doubts.
He told OK! magazine: “We do talk about it all the time, but one minute we’re a ‘yes’, and the next we’re a ‘no’.
“We love the idea of having one more child, because the two we have together are the most amazing kids – but that thought usually lasts until we see other people with screaming babies!”