"We are absolutely blown away by this little miracle gift that God has given to us," Rooney and Fallon said in a statement. "We can't wait to see what the future has in store for baby Jagger and our new family!"
Rooney, 32, and Fallon, a former Playboy Playmate, were married in April 2006.
Rascal Flatts' hits include "Take Me There," "What Hurts the Most," "Bless the Broken Road."