As reassuring as his dad's story of eventual height might be, it doesn't do anything for him NOW and NOW is the time your boy lives in. I taught 10 and 11 year-olds in fourth grade; this is a stage where boys voices can begin to change, they can shoot up in height, some can even begin to get a peach fuzz mustache. It's a time that begins to introduce the astonishing pre-puberty explosion of hormones. It's also a tough social time because a 10 year old doesn't want to be considered a little kid, but he's not capable of being accepted as one of the "older guys" (sixth-graders). It's really a time of being caught "in between".
You cannot accelerate your boy's growth unless you resort to growth hormone. I do know of several families who did go this route with their sons after bone age scans showed they would grow to be very short adults. This is a very serious decision with no guarantee of predictable results. If your boy is receiving adequate nutrition and rest then you are doing all you can to optimize his healthy physical development.
Several of the small, young boys I've seen have begun supervised weight training at around age 11; their increased strength and body changes have not necessarily eliminated the teasing about their being 'a shrimp" from those who will always tease, but it has caused their peers to say things like, "he may be short but he's wicked strong." Some other boys have also discovered they were very fast runners, which begins to become a much more peer-valued attribute. I've known others to become proficient in martial arts. These clearly are all choices that seek to give a boy self-esteem about his body. Some boys steer clear of this area altogether and distinguish themselves in other areas: pottery, shooting pool, scouting, music, etc..
The unfortunate reality about being a small boy in this culture is that you will most likely receive jibes for it throughout your childhood. The development of some snappy, funny comebacks (not angry, bitter sniping) when he gets teased can greatly diffuse the power of the teasing and the teaser; even though he may be crying inside, he can and will score repeated points with his peers by rolling with these punches and coming out ahead of the teasers. He can also begin to be valued as a kind and/or loyal friend at this stage. The more desperate he shows himself to be, in terms of seeking popularity, the more he will most likely not achieve that goal.
Meanwhile, without being obvious and patronizing, continue to praise him for his positive, non-body related traits. I know your heart aches for him, but I'm sure things can look up with some patience and creative counsel on your part.