"I've changed my mind today," said the singer, after being introduced to the tot during a visit to an orphanage with his AIDS Foundation.
"David always wanted to adopt a child and I always said no," he said, referring to his partner David Furnish. "Because I am 62 and I think, because of the travelling I do and the life I have, maybe it wouldn't be fair for the child."
"But having seen Lev today, I would love to adopt him. I don't know how we do that but he has stolen my heart."
Sir Elton also said that the sudden death of his keyboard player, Guy Babylon, from a heart attack last week had helped to change his mind. "What better opportunity to replace someone I lost with someone I can give a future to," he said.
The Pinball Wizard artist felt an immediate bond with the little boy during his trip to the orphanage, where he also entertained the children with a rendition of Circle Of Life on the piano.