Rod, I was wrong

So we were standing on the steps of the Museum of American History, discussing whether or not Derek the charming nephew could ever be President. No, I said, he wasn't born in the U.S. or to military parents abroad. Matt and Amy backed me up on this.
Rod disagreed. Derek was born to American citizen parents and therefore qualifies.

I looked it up.

The Constitution says:
No person except a natural born citizen, or a citizen of the United States, at the time of the adoption of this Constitution, shall be eligible to the office of President; neither shall any person be eligible to that office who shall not have attained to the age of thirty-five years, and been fourteen years a resident within the United States.

WikiAnswers says a natural born citizen is:
A person born in the territory of the United States of America or to United States citizen parents

So, Derek, go for it.