The 44-year-old Spanish singer and girlfriend Anna Kournikova recently welcomed their third child together, a baby girl, and while he may not be getting much sleep, he wouldn't change anything about the experience.
"I'm not sleeping, but I'm having a great time! I mean, I wouldn't change it for nothing in the world," Iglesias told ET's Kevin Frazier at The London in Los Angeles on Wednesday, after he and Ricky Martin announced their first co-headlining tour.
The two superstars have established themselves as culture music icons. However, it's never easy to leave their little ones at home. Martin, 48, is father to four children -- 11-year-old twin sons Matteo and Valentino, 1-year-old daughter Lucia and 4-month-old son Renn -- while Iglesias has three kids -- 2-year-old twins, daughter Lucy and son Nicholas, and a 1-month old daughter.
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Ricky Martin Says He Hasn't Slept in 15 Days After Welcoming Baby Girl (Exclusive)
"That's a good thing about the US, you can always go back home when you have a couple days off -- or, maybe bring them," Martin told ET, adding, "But, I mean, we're dealing with babies."
When asked if Iglesias is embracing the diaper changes and baby bottles, he replied, "I actually am. I'm pretty hands on."
Martin, on the other hand, calls himself "obsessive." "[I'm] like, I don't need help, I can do this. And then you fall asleep feeding, which has happened to me," he confessed. "True story, I wanted no help, not even my mother. I wanted to do it all on my own and then I fell asleep feeding my child, that's dangerous, and that's when I said, 'OK, I think I need help.'"
"Well, I need help all the time. I need a lot of help," chimed in Iglesias.
What the "Bailamos" crooner doesn't need help with is deciding if he wants his kids to be performers like himself, or athletes like their famous tennis star mother.
"I can honestly tell you, if I had to pick one, definitely sports," Iglesias confessed. "Yeah, I would say yes, just because I love sports. I love golf, I love tennis, and I would not mind seeing one of my little girls play tennis."
"I don't want to become one of these obsessive fathers, but I told Anna, I said, 'You can be the best coach in the world,'" he said, adding that he and Kournikova challenge each other to tennis matches. "I think I can beat her, but that's what I say all the time. But she lets me win."
As for Martin and Iglesias' joint 21-city North American tour that kicks off in September, the two can't wait to get on the road. "We've known each other for so many years and we wanted to do this for quite a while and now is the time. We felt like it was the perfect time," Iglesias expressed.
"It just feels right," Martin added. "At this point in our careers, we don’t have to do anything we don't want to. We want to do this and this is the time."
As for the possibility of this project also giving fans a collaboration, Iglesias said, "We're working on that," with Martin replying, "That's the idea. It would be the perfect timing for something special."
So will there be any competition between the two mega-stars?
"Honestly, I think there'll be friendly competition," joked Iglesias, explaining that "the reason why I say that is because, you know, I've watched so many of Ricky's performances. I'm a huge fan of his music. So obviously I'm gonna be watching him offstage and I'm gonna be learning a lot. You know, so in a good way."
"But we're not gonna kill each other. If that's a question, we're not," he added with a laugh.
Also joining them on tour is Sebastián Yatra, whom both artists admire and are fans of his music. Above all else, the two know that they will deliver a fantastic show for all their fans.
"We're gonna put together a great concert for them, for the crowd," expressed Martin. "It's gonna be two hours of crazy adrenaline. We do it right or we don't do it. It's gonna be amazing!"