The 64-year-old musician and his husband David Furnish are dads to 10-month-old Zachary - who the couple welcomed into the world via a surrogate in December 2010 - and Lara's spouse David Walliams revealed he and his wife are smitten with their friends' tot.
He said: "Lara's taken up knitting, so she made Zachary a little hat. We figured, 'What do you buy the baby who'll have everything?' So now he's got a Lara Stone original."
The British comic - who has also written a series of children's books - has taken to reading stories to Zachary although he admitted he gets more enjoyment out of it than the baby does.
He told Britain's Hello! magazine: "When Lara and I were staying in the South of France this summer, I read a story to Elton and David's baby Zachary. Elton was saying, 'Now Zachary you'll like this because David is a very good storyteller.' It was a book called 'Sharing a Shell' by Julia Donaldson and I was putting on lots of voices. Zachary was too young to understand but I really loved it."