The `Mysterious Girl` singer is already a father to Princess Tiaamii, five, and seven-year-old Junior - who he had with ex-wife Katie Price - but he is open to the idea of having another child with his new girlfriend Emily MacDonagh, 23, some time in the future.
When asked by Britain`s Now magazine whether he wants another baby, he replied: "Yes. In the future yes."
The 39-year-old star has no time scale as to when he wouldlike to have a baby and insists he feels like a "young spring chicken" despite getting close to reaching 40.
Peter has been dating Australian student Emily for over four months and has known her since her father Ruaraidh, a urology consultant, performed surgery on him two years ago but Peter is determined to take things slow this time around after his previous marriage to Katie ended after three-and-a-half years in 2009.
He said: "I won`t [rush into it]. There`s an old saying, `Marry in haste, repent as leisure.` It`s true you marry quick and ... well, sometimes it works for people.
"I still believe in the constitution of marriage, as long as your intention is to stay together forever. I want to be careful, that`s all. I only ever wanted to be married once in my life."
In the meantime things are going well for the couple and Junior and Princess Tiaamii get on really well with Emily.
Peter gushed: "My kids absolutely love Emily and her whole family. We do picnics, walks through the forest and treasure hunts. And Emily`s family adore us."