Simon Cowell, Lauren Silverman, Kissing

Simon Cowell is so close to becoming a dad!

The music mogul's girlfriend Lauren Silverman "went into labor very early [Friday] morning and went straight to the hospital," a source told E! News. Simon is en route to New York, where Lauren has her parents by her side.

Fortunately, "everyone believes" Lauren will "be able to hold off" giving birth to her and Simon's baby boy until he arrives. "Everyone's so excited he'll be a Valentine's baby," said a source.

This will be the first child for Simon and second for Lauren, who has an 8-year-old son with ex-husband Andrew Silverman.

So what will Simon and Lauren be naming their little guy? The X Factor judge and his pregnant love agreed on what to call the baby back in November. "I'm not going to say what it is yet," Simon told E! News at the time, "but I'm happy."

And while Simon, 54, has plenty of experience working with a younger generation from his American Idol and X Factor days, the first-time father told Parade magazine last year he's "not brilliant with babies."

"I never know what to do," he said. "But [once he's older] I think I'll be a good dad in terms of advice. And then I'll get to do all the things I want to do, like go to Disneyland or Universal Studios, teach him how to drive—I love all that."

He'll figure out the newborn stuff—plus, his baby mama seems to have a good handle on parenting. Despite a somewhat dicey divorce (she was still married to Andrew when she became pregnant with Simon's child), Lauren made sure that her 8-year-old son remained her top priority amidst the drama.

Prior to finalizing her divorce in December, Lauren said in a statement she was committed to "sorting things out with Andrew as amicably as possible to ensure the well-being of our son." She and her ex-husband now reportedly share joint custody of the boy, who is raised primarily in New York.

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