The 40-year-old rapper would love to have children with wife Beyonce Knowles after being inspired by close friends Chris Martin and Gwyneth Paltrow, who have kids Apple, five, and four-year-old Moses together.
He said: "They are a really cool family with beautiful kids, who happen to be good at the jobs they do."
Asked if he wanted something similar himself, the 99 Problems star - who says Apple and Moses call him 'Uncle Jay' - told Q magazine: "Kids? Of course."
Though the music mogul - who dealt drugs in his native Marcy, New York, when he was 13 - is now close friends with the privately-educated Coldplay frontman, he admits it wouldn't have been the case if they had met earlier in life.
He said: "What would I have thought of Chris at 16? That's a different scenario. He couldn't have walked through Marcy. I was a different person then - I wasn't open to the world and different cultures.
"I would have been, 'Yo! Who are you? Give me your money.' You couldn't have a guy like Chris walking through Marcy. He'd have got robbed. At best."
Beyonce has also admitted she wanted to try for a baby this year.
Last July, the Crazy in Love singer hinted she may get pregnant once her year-long tour was over.
She said: "I think I'll have a child when it's supposed to happen. Right now, I'll be on tour for a year and, you know..."