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By Jessica Wedemeyer

The Rancic household is on DEFCON 5 as Bill and Giuliana Rancic eagerly await the birth of their first child, a baby boy via surrogate.

"We're officially on baby watch," Rancic told WONDERWALL on Thursday, Aug. 16, 2012, while promoting the Citi Hilton HHonors Reserve Credit Card. "We're anxiously waiting to welcome the little guy."

The expectant parents, who chose to welcome their child via surrogate after Giuliana was diagnosed with breast cancer in 2011, are already nesting in Denver, Colo., where their baby will be born.

"We're gonna be there, very close by," Rancic said. "It's certainly something we don't want to miss."

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The Rancics plan to spend their last weeks before parenthood celebrating their "babymoon" in Vail with hiking -- "Can't go too far. Waiting for that call any day now!" Rancic tweeted on Tuesday, Aug. 21 -- sleeping, eating, and "just enjoying the time that we have together before [the baby] comes," he says.

The couple has already completed most of the heavy lifting to prepare for the new addition to their family. "We are pretty ready to go," he says. "We're ahead of the game on this one, which is great. We've had a lot of time to plan and think about it, so we're ready for the game to start."

One thing on their to-do list: settling on a name for their son. "We've got a short list, but I think it's a game-day decision," says Rancic. "You gotta look at him. You gotta hold him in your arms and say, 'Does this name fit the person?' and oftentimes it doesn't."

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But rest assured, Rancic promises we won't be saying hello to a Pilot Inspektor or Apple Rancic anytime soon. "It's not gonna be a Hollywood name," he says. "No way, Jose. I'm a pretty traditional guy from Chicago. I'm not gonna buy into that song and dance here."

After their baby is born, the Hollywood power couple will split their time between Los Angeles and Chicago, where they plan to launch RPM Steak, a follow-up to their celeb hot spot RPM Italian, in early 2013. A few months after their son is born -- "He's gonna travel!" Rancic says -- the family of three will return to Los Angeles, where the expectant mom and dad just wrapped their work on their dating show, "Ready for Love," which is produced by Eva Longoria, and will debut on NBC this fall.

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"We're having a lot of fun doing the show as a husband and wife," says Rancic. "We inject a lot of our personal life into it because we found love and had some ups and downs on our way to finding love. We dated some characters along the way, so I think we kind of lend our own personal take into the whole process."

The husband and wife duo will also interact with the contestants, occasionally dishing out their own advice. But do they ever disagree? "All the time!" he says with a laugh. "We agree to disagree."

Let's hope that doesn't carry over to the baby-naming process!