The 40-year-old rapper and his wife Kim Kardashian West are expecting a third child via surrogate, while his sisters-in-law Khloe Kardashian and Kylie Jenner are also reportedly pregnant and Kanye, who is an only child, is over the moon.
A source told PEOPLE: "I think Kanye is even more excited than Kim. He was an only child; he didn't have a bunch of kids around. He's been very honest about how lonely that could be for him.
"And now there will be three siblings, along with a huge extended family. This sounds like a dream come true for him."
Kim recently confirmed that she and Kanye - who have daughter North, four and 21-month-old son Saint together - will welcome a new baby via surrogate.