All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad, sallallaahu ‘alayhi wa sallam, is His slave and messenger.
The report referred to in the question reads, “Whoever has a child born for him and names him Muhammad to obtain the blessings of the name, he and his child shall be in Paradise.” This report is a fabricated and false Hadeeth; it is not correct to attribute it to the Prophet, sallallaahu ‘alayhi wa sallam.
Al-Albaani cited this Hadeeth in As-Silsilah Adh-Dha‘eefah, report no. 171 and classified it as fabricated.
Allaah Knows best.