It remained unclear how the child ended up on the balcony’s ledge.
Macron invited Gassama to the presidential palace. The French president said authorities would work to "regularize" the economic migrant's paperwork.
"To show our gratitude for this heroic act, his immigration status in France will be officially recognized as soon as possible," Macron tweeted. "I have also invited him to apply for citizenship."
Gassama was also presented with a gold medal for his act of courage and offered a job with the fire department.
The migrant said he had struggled to find work after coming to France in 2017 after previously living in Italy for several years.
Paris Mayor Anne Hidalgo said she also spoke with Gassama by phone to thank him for his heroism.
She said Gassama told her that he wished to stay in France.
“I replied that his heroic gesture was an example for all citizens and that the city of Paris will obviously be keen to support his efforts to settle in France,” Hidalgo added.
Linda Givetash reported from London, Nancy Ing from Paris, and Euronews' Emmanuel Saliba from Lyon, France.