You could start with an empty scrapbook and as the birth of the child
approaches, include pages about the first time the child’s heartbeat was
heard; the first time the mom-to-be felt the baby move, and perhaps
pictures from sonograms.  After the birth of the child you can present the
scrapbook to the grandparents and include plenty of blank pages that
can be filled with photos and memorabilia from various stages of
development in the child’s life.  Make sure to send new pictures, artwork, and
journal entries to the grandparents on a regular basis so these items
can be added to the scrapbook immediately.

Great additions to a scrapbook for grandparents include birthday photos
and invitations, written accounts of the child’s first day at school,
the appearance of the first tooth, the first step, the first words, and
any other especially fond memories.  You can create an online scrapbook
as well that will allow grandparents to view the newest photos of their
grandchild instantly.  The new grandparents in your life will be
touched and thrilled by the effort and thought that went into creating a
scrapbook especially for them.