Child born outside UK before ILR

Dear All

I am little confused to progress with my sons immigration status.
Background: I got ILR in april 2016 and my son is born in india in feb 2016 and my wife and son both came to uk as a settlement dependent visa in may 2017 and they are living with me . my son and wife has got only 33 months of visa.
current situation: I am Naturalised British citizen and I would like to apply for Naturalisation for my son as mentioned in MN1 form discretion section although my wife is not settled in UK yet because she is still on settlement dependent visa and she will get ILR after completion of 5years.
Question 1: Can I apply for Naturalisation for my son and what are the chances of getting approved.
Question 2: Can I Apply for Indefinite leave to remain for my son after completing 33 months of stay in UK ,if he is not eligible for Naturalisation .

please suggest on this issue.

Question 1: Can I apply for Naturalisation for my son and what are the chances of getting approved.

No as your wife is not settled or is not becoming British

Question 2: Can I Apply for Indefinite leave to remain for my son after completing 33 months of stay in UK ,if he is not eligible for Naturalisation .

No. Non UK born children follow the immigration path of the less privileged parent. The fact that you are a citizen is not relevant.
Both your wife and son must acquire ILR before your son can be registered

Question 1: Can I apply for Naturalisation for my son and what are the chances of getting approved.

No, chances are very slim. Children born abroad require ILR and the other parent needs ILR too if you are British at the point the child applies.

Question 2: Can I Apply for Indefinite leave to remain for my son after completing 33 months of stay in UK ,if he is not eligible for Naturalisation .

No you cannot. The child will follow the same path as your spouse and need an extension and ILR first.

There is no shortcut for children born abroad.

edit : beaten by zimba