‘LIVE with Regis & Kelly” co-host Kelly Ripa is expecting her third child.

“It’s going to knock you out – Mark (Conseulos) and I are expecting our third baby,” Ripa announced yesterday to wild cheers from the “Live” studio audience.

“When did this happen? He’s been gone for a year!” Regis Philbin joked to Ripa about her husband Mark Conseulos, who co-stars with his wife in “All My Children” and has been in Australia filming a movie.

“He’s only been gone since June 13 and it happened before then, trust me,” Ripa said. “I was there.

“I want you to know that I only did this for you, because you’ve been clamoring, begging and pleading for this for some time now,” Ripa said to Philbin.

The baby, due in February, will join brother Michael, 5, and sister Lola, born in June 2001.

Ripa, who was pregnant when she was hired to co-host “Live,” missed only five weeks after giving birth to Lola – earning the nickname “Pit Stop Mama” in The Post.

Philbin then turned to “Live” executive producer Michael Gelman.

“You know, Gelman, there’s a time when someone’s personal life supercedes your ratings,” he said. “February is a very important month for ratings – the first thing Gelman thought was ‘February sweeps!’

“One more baby – I can’t handle it, Gelman!” Philbin joked.

Philbin’s former “Live” co-host, Kathie Lee Gifford, had two children while on the show.