The 63-year-old guitarist, who has been in a relationship with polo coach Araujo since the beginning of 2010, is said to be keen to be a dad for the fourth time.
Wood"s other children include model Leah, guitarist Jesse and art curator Tyrone, reports The Daily Express.
“Ronnie loves being a dad and certainly isn"t against doing it all over again," a friend of Wood said.
“There"s every chance he and Ana will have kids sooner rather than later if they stay together. Family has always been so important to Ronnie," the friend added.