The former `Frasier` actor became a father for the fifth time when wife Kayte gave birth to their daughter Faith last month but the actor is already thinking ahead to expanding his family even further.
He said: "I think we`ll have at least two more, if not three or four. I think it`s a great way to live a life."
However, Kelsey - who has 28-year-old daughter Spencer with first wife Doreen Alderman, daughter Greer, 20, with former girlfriend Barrie Buckner, daughter Mason 10, and son Jude, seven, with third spouse Camille Donatacci - admits raising a family is expensive.
He told `Access Hollywood`: "I figure it`s a about a million a kid now."
The 57-year-old star thinks he is a more hands-on father with Faith than he was with her elder half-siblings and is even happy to change her diapers.
He said: "I think I`m more available than I had been previously... I`m there, more present with the child.
"We don`t have nannies and stuff like that. I`m doing it all... I`m doing a lot of the [diaper] changing."