Royal Baby Name Has Been Decided, Will Be Announced on Monday After Prince William Tells Queen Elizabeth

The Duke and Duchess of Cambridge will reveal their baby's name on Monday, according to reports. As of now, Britain's legal bookmakers have been busy taking in thousands of bets for the name of the baby, with the names Alice and Charlotte taking the lead.

Although Kate Middleton and Prince William have decided on a name early on, the father wanted to tell grandmother Queen Elizabeth II in person before announcing it to the world.

The royal couple did the same thing when their first child, Prince George, was born in 2013. They took two days to reveal his name, waiting until after the Queen had met her new great-grandson.

The princess' birth was announced in a statement released by Kensington Palace shortly after 11.00 am on Saturday morning, after which it was posted on the Royal Palace's official twitter page: "'Her Royal Highness The Duchess of Cambridge was safely delivered of a daughter at 8.34 am," according to the statement.

Meanwhile, bets continue to be placed on which name will be selected for the new princess. Alice is the clear favorite, with Charlotte following close behind. Other top possibilities include Olivia, Victoria, Elizabeth, Alexandra and Diana, the name of William's late mother.

Congratulations to Kate Middleton and Prince William on their new baby girl!