Busey's agent and longtime attorney, Vicki Roberts of Kismet Talent Agency, tells PEOPLE that his girlfriend is seven months pregnant with a boy they have named Luke.
"He feels awesome about it, he's excited and thrilled and can't wait," Roberts says.
Busey, 65, is already dad to a son, actor Jake Busey, and a daughter, Alectra, from previous relationships.
He will next be seen in the 2010 comedy Grown Ups.
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