May 20, 2016 11:10 PM

John Parra/Getty

Major baby alert!

DJ Khaled is expecting a son with longtime fiancée Nicole Tuck, he reveals exclusively to PEOPLE.

“I’ve always wanted kids,” says the producer and artist, who is currently touring with Beyoncé for her “Formation” World Tour.

“This is my first kid and I’m excited and I want more. I’ve always wanted to be a family man. I’m in a great family and I want to have my own family at the same time.”

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Khaled, 40 — who is known for sharing his “major keys to success” on Snapchat — says he can’t wait to spoil his newborn, due later this year.

“I want to spoil our kids and give them everything,” he says. “There’s no limit to the spoiling that I’m going to do. I’m going to spoil them to the minute they in my hands. I’m going all out.”

The DJ is also hoping the couple’s first child together follows in his father’s footsteps. “My son’s going to be a young icon,” he says.

Khaled will introduce Justin Bieber at the Billboard Music Awards, airing Sunday at 8 p.m. on ABC.

— Ana Calderone

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