Applying settlement visa for child

[thedazzzzler]

I am an ILR holder and my wife is ILR Dependent. My son was born in India in 2015 and came to the UK in 2016, now that his visa is expiring, I would like to know what category I should be applying for. When looked thru the gov.uk website, I found that he can apply for settlement. My questions are

1) Is he eligible to apply with one parent being in ILR and other ILR dependent
2) If this is not the visa type what should be applying under?

Thanks a ton for your help

Cheers,
Raj

[CR001]

What visa does he currently have exactly??

Surely he has the same visa with the same expiry date as your spouse?