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SImon Cowell, Lauren Silverman

2013 FameFlynet, Inc

Simon Cowell isn't usually one to bite his tongue. When it comes to his unborn son, however, the 54-year-old Brit has been atypically tight-lipped since Lauren Silverman confirmed her pregnancy in July.

On Monday, Nov. 4, the X Factor creator and judge dropped a few clues about how he and Silverman are prepping for their baby boy's arrival. "Actually, we agreed on a name last night, me and Lauren," he told E! News during the finalists party in L.A. "I'm not going to say what it is yet, but I'm happy."

Asked if the moniker will have any family ties, Cowell cheekily replied, "You'll have to wait and see!"

The music executive said he's looking forward to teaching his firstborn "how to drive racing cars" one day—and if it were up to him, that day would come sooner than later!

"We'll wait until he's 2 years old," Cowell quipped.

The Englishman admitted that he still has plenty to learn before becoming a dad—beginning with how to install a car seat. "I'm useless at all of that," he told E! News, "but I'll get there."

—Reporting by Sierra Marquina