What would he use it for? Besides proving to his friends that he has one?
I think kids who need rides or who are places where they need to reach their parents for other reasons have a greater need. But you're saying you drive to/pick up at school, so he's not on a bus or standing at a bus stop waiting for a bus that never comes. He doesn't need a ride when practice is over because you don't leave him there alone.
So, there are 2 things that stick out for me.
One is, do his friends call, and if so, is the only way for them to do that to call on your cell? (Since, like many of us, you know longer have a landline.) If they call, then what happens? Does your son want to go off into his room (understandably) for a private call (with the usual 10 year old goofiness) and does that leave you without a phone or the ability to answer your own incoming call? At what point do you want him to have this ability?
The second thing is, does he currently display the maturity necessary to use it properly and keep track of it? Does he currently lose his homework, his sneakers and his lunchbox? Does he respect that there are financial limits/budgets in other areas of family life, or is he whining every time you say no to a movie or a candy bar in the checkout line? If he's either a scatterbrain or a wiseacre with his mouth, then this might be a good time to say to him that you'll consider it after the first of the year. Sit him down in a calm moment and explain the ins & outs of a cell phone. Show him your bill, including all the extra charges - it's not just the monthly fee he sees on commercials, it's all the extra stuff. And show him the cost for a lost or damaged phone, or loss insurance. Explain to him that, if you're going to even think about taking on this financial burden, you're going to have to see him step up to the plate. Make a chore chart or whatever reminders you want, and figure out a deduction for the smart-mouth answers/retorts. If he can't hold his temper for 2 days, how can he hold on to a phone for a month, you know? If he expects you to drop everything and go pick up stuff he left at school or buy a new lunchbox because he lots his, or if your grocery bill goes up because he leaves the milk and yogurt on the table all day, then no, there's no money for a phone. If, however, he can help you cut expenses due to his wastefulness, then you might consider it. If he chooses not to take on the responsibilities of a reliable tween, then he's CHOOSING (important!) not to have a phone.
If he meets the challenge, you can give him a phone for Christmas in advance of the January 1 "we'll talk about it" date, but otherwise I wouldn't tie Christmas to the phone (at least not ahead of time). You want Christmas to be an enjoyable day, not one fraught with disappointment because he didn't get his phone. (BTW, for what it's worth, someone I know gave a phone for Christmas, and they called the number just as the person was tearing off the wrapping paper. It was really cute to have the present ringing!)