Spanish magazine Hola! said the Hollywood legend and Spanish publicist Alejandra Silva welcomed a little boy into the world on Saturday in New York, after secretly getting married last year.
Richard has 18-year-old son Homer from his marriage to second wife Carey Lowell, while Alejandra has five-year-old son Alberto from her first marriage to Govind Friedland.
He was married to supermodel Cindy Crawford from 1991 until 1995, before tying the knot with Carey in 2002.
The name of Richard's and Alejandra's new-born child has not yet been revealed.
However, she announced her pregnancy on Instagram in September and wrote: "A very special moment just a few minutes ago… Getting blessings for our precious to come.. we couldn’t announce it before telling HH Dalai Lama #dalailama #richardgere #alejandragere #love."
Richard told the Sunday Times magazine that he "instantly" fell in love with his wife Alejandra and felt a connection he'd never experienced before when he first met the beauty almost five years ago.
Asked if he fell in love at first sight, he said: "Instant from my side. I instantly became happy just looking at her. It was one of those powerful things.
And pressed on if he's felt the same connection in the past, he said: "Yes, I've been married three times, but it didn't happen with the kind of power of this one.
"But I do remember the first time I met each of my wives."
Though the Pretty Woman star's previous two marriages ended in divorce, Richard doesn't hold any ill feeling towards either of his ex-wives.
He simply said: "I'm very lucky."
The Arbitrage actor also has no worries about being an older father.
Asked if it was something that concerned him, he told the Sunday Times magazine: "Not at all. No."
He is full of praise for his "sensitive and sweet" son Homer, who he claimed is already "better" than him.
He said: "He's very sweet, very sensitive, very smart. He's smarter than me, stronger than me, faster than me, taller than me, better than me. He's great. I love him."
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