According to People, Luke Sampson Busey was born at 6.40am PST today at a weight of 6 lbs, 7 oz.
"This feels like a dream," the couple said in a statement. "We feel so blessed and are overwhelmed with happiness at Luke's arrival."
The actor already has two children from previous relationships - actor Jake Busey and daughter Alectra.
The couple announced the pregnancy in December. The 65-year-old will next be seen in the 2010 comedy Grown Ups.