The nightclub boss said his third wife Bella, 32, is expecting a baby boy who they'll call Jacobi James.
He will be the couple's second child after they became parents to daughter Rosabella 19 months ago.
Peter, who also has two grown-up children, said: "I'm quite aware that I'm not going to be around later in Rosabella's life so the idea of a sibling is very important. I give myself another 10 years."
Last month, Peter revealed his dream of having another child in an interview with Northern Life magazine.
He said: "I love being a dad and we're talking about having another baby this year.
"I don't just change nappies, I change poo nappies!
"I told my daughter Karen, who's 51 and my son Scott, now 49, and they laughed.
"That's not what I did when I was married back in the era. I don't remember every changing a nappy."
The lap dancing club boss, who became a dad for the third time two years ago when Bella had daughter Rosabella also spoke about his encounters with Royalty.
He said: "I've dined with Princess Diana and partied with Prince Harry. In fact, Harry took a shine to my wife and asked if he could dance with her.
"His then girlfriend, Chelsy [Davy] wasn't impressed."