"I've spent so much time taking the mick out of others, it's nice to have it taken out of me for a change," Ryan said.
"I love the song because obviously it's pure ego," he continued. "Essentially it's good fun; it's smart, it's clever, I really admire it and I burst out laughing when I saw it.
"I just thought, those guys are taking the mick, but aren't they doing it with style," he added.
The song is set to the background of former pop group Steps' hit tune Tragedy, and makes several references to Ryan's appearance.
One line of the song reads: "His ears stand up like the FA cup, he sits in his chair chatting with Holy Communion-style hair."
However, Ryan takes it all with good grace and jokes: "I can't wait to tell the grand-kids, don't underestimate yourselves, I love you guys."
The future Friday night show presenter even laughs that he'll have to consider having the tune as his new theme tune on the world's longest running chat-show.
According to Ryan: "I think it's something that we are now going to have to actively consider.
"When I'm having my next meeting with the men, I'll say, look there's a song I really want to put in there.