John Stamos to Finally Be a Father at 54: 'I've Been Practicing for a Long Time'

"People would say, 'You should have a child,'" the Fuller House star tells PEOPLE. "I was like, 'That ship has sailed'"

Have mercy — John Stamos is going to be a dad! The beloved Fuller House star opens up about expecting a baby with fiancée Caitlin McHugh. Subscribe now for the exclusive baby news — only in PEOPLE.

John Stamos‘ house is about to get a little fuller!

The actor, 54, and his fiancée Caitlin McHugh are expecting their first child, Stamos reveals to PEOPLE exclusively in this week’s cover story.

In the latest episode of The Jess Cagle Interview (streaming now on People TV), Stamos tells PEOPLE’s Editor-in-Chief Jess Cagle that he and McHugh “talked about” having a baby in the past — and everything just fell into place.

Brian Bowen Smith

John Stamos

“We have the same morals and the same values, that all clicked nicely. So we said, ‘Oh, well, maybe we should have a family,’ ” says the Fuller House star.

McHugh suggested, “‘Maybe we should have a kid [before we get married]’ and I said, ‘Why?’” Stamos recalls, revealing his fiancée jokingly responded, “Because you’re old.”

John Stamos.

John Stamos

Watch the full episode of The Jess Cagle Interview: John Stamos, streaming now on PeopleTV. Go to People.com/peopletv, or download the app on your favorite streaming device.

After almost two years of dating, Stamos and the model and actress, 31, were engaged Oct. 22 at Disneyland — one of Disney Parks super fan McHugh‘s favorite places.

The actor made a short film of romantic moments from animated Pixar and Disney films, ending the display with The Little Mermaid — which encouraged Stamos to “just ask the girl.”

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RELATED VIDEO: John Stamos and Caitlin McHugh Are Engaged!

“The [pregnancy] happened. Then I said, I better have a ring on her finger because it’s the right thing to do, and I wanted to marry her anyway,” Stamos tells PEOPLE. “So I called her parents to ask, and it was like, ‘You better!’ “

“The look on John’s face when I told him we were pregnant was priceless,” adds McHugh. “It was the look of a man who has wanted a family of his own but wasn’t sure it was going to happen for him. Now it is!”

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Caitlin McHugh and John Stamos

The couple are overjoyed to be adding to their family — though they’re keeping mum on the baby’s sex for now — with Stamos admitting that he “always wanted to be a dad” but wasn’t sure it was in the cards. “People would say, ‘You should have a child,’ ” he tells PEOPLE. “I was like, ‘That ship has sailed.’ “

Luckily for Stamos, that ship is anchored quite steadily — and the star can’t wait for its next voyage, during which his feet will be planted firmly on board.

“I’ll be a fun dad. I’ve been practicing for a long time,” he says, joking, “I’ve done every schtick you can do with a baby on TV … all the bits and jokes and diaper gags. I’ll probably just do all that stuff.”

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The mom-to-be couldn’t agree more about Stamos being ready for fatherhood, praising her fiancé for having “the biggest, most loving and generous heart of anyone I know.”

“I greatly admire his originality, creativity, ambition, work ethic and humor — all qualities I’m sure he’ll pass down to his child,” McHugh tells PEOPLE. “He’s always been wonderful with kids, and I’m sure he will be an amazing father.”

For a closer peek into John Stamos and Caitlin McHugh’s happily ever after, pick up the latest issue of PEOPLE, on newsstands Friday.

John Stamos on the cover of PEOPLE

Will Stamos’ natural gift translate to continuing to expand his family after baby No. 1 is born next year? “I think so,” says the Grandfathered alum. “Caitlin wants to have other kids too.”

• With JEN JUNEAU