Pete Wentz is ready for diaper duty—but is his son ready to become a big brother?

The Fall Out Boy bassist, 34, and model Meagan Camper, 25, attended the 140th Kentucky Derby Saturday. While there, Wentz spoke to E! News about his girlfriend's pregnancy and revealed how his 5-year-old son Bronx Mowgli Wentz (with ex-wife Ashlee Simpson) feels about welcoming a sibling later this year.

"What's more exciting than having the pitter-patter of another little gremlin running around?" Wentz said of becoming a father again. "Now it will be two-on-two." Before that happens, though, the "Alone Together" rocker is gearing up for his band's summer tour with Paramore. The groups will first take the stage Friday in Chula Vista, Calif., when they perform at Channel 93.3's Summer Kick-Off Concert.

The Monumentour will take the bands across North America, with stops in Colorado, Florida, Illinois, New York and Texas. It wraps Aug. 17 in Concord, Calif.

PHOTOS: A closer look at Pete Wentz's first marriage

Pete Wentz, Meagan Camper

Mike Coppola/Getty Images

Wentz revealed his girlfriend's happy news via Instagram in February. "We're super excited to announce we're expecting a baby!" he wrote in the photo caption. He has been dating Camper since August 2011.

Watch the video to find out whether Wentz already knows his baby's gender!

—Reporting by James Chairman

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