Kelly Ripa and Mark Consuelos Tease Which of Their Kids Could Co-Host on 'Live' (Exclusive)

With Mark Consuelos joining his wife Kelly Ripa as co-host of the newly titled Live with Kelly and Mark on Monday, could any (or all!) of their three kids be far behind?

The member of the Ripa-Consuelos clan most likely to try their hand at co-hosting with Mom and Dad would be their eldest, Michael, 25, according to his parents.

"Michael talks about it constantly," Ripa tells PEOPLE in this week's cover story. "When we told the kids Mark was [co-hosting], Michael was like 'I would have been perfect for that!'"

Their 21-year-old daughter Lola has expressed glimmers of interest, says Ripa, who notes that she and Live executive producer Michael Gelman's daughter Jamie "for years have said that they were going to take over."

Joaquin, 20, on the other hand, might take more convincing, she says. "Joaquin's a little reserved," adds Consuelos of the University of Michigan undergrad. "But he would turn it on. He's a drama student and he could turn it on for that hour, but I think he probably wouldn't want to do that."

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Which is not to say Joaquin doesn't have the incentive to dabble in the family business. "He's done cooking segments on our show and I'm convinced the only reason he's done them is because he's a college student and he gets union [pay] scale," Ripa says. "So that's a chunk of change for a college student!"

For now, Consuelos and Ripa are focusing on their own co-hosting duties, and relishing the new collaboration. "To have Mark join me at that desk every day, it's a dream come true," says Ripa, who has helped make Live the No. 1-rated daytime talk show over her 22-year tenure.

"It's indescribable [and] we're super, super grateful...I had filled in so many times and had a blast every single time," says the Riverdale alum, who guest-hosted 92 times over the years before replacing Ryan Seacrest at the helm.

"This is an iconic show and that chair next to Kelly is a coveted seat. Some people would die to have this opportunity and to work with someone who I consider the best in the business for sure. No one does it like she does."

For more of the exclusive cover interview with Kelly Ripa and Mark Consuelos, pick up an issue of PEOPLE, on newsstands Friday.