Parents of British Citizen without leave to remain

Apologies in advance for my ignorance if there an answer to this on board but I read through several tread and can't see it.

I came as student over 10 years ago and my wife later joined me as dependent. We've made several attempts through applications/court cases to extend our leave to remain without success. Our last leave to remain expired 2014 after exhausting all appeal right. While our last appeal through other submissions was dismissed March 2019 by the upper tribunal and since then we have not made any application nor submission. We are currently under yearly reporting condition without any leave to remain.

Our child became British citizen through S1.4. few days back and this is our only option of regularizing our stay. We are seriously confused as we do not know which is the best option to use - Zambrano Settled Status EU settlement scheme as parent(s) of British child, the 5 year route as parent of British child, article 8 (private life) or any other option. I am thinking my wife should be the main applicant while I and my other child (5year) become her dependents, is this okay?

Please I would really appreciate help from anyone that is knowledgeable in this area or have gone through the same situation.

Thanks in advance