By Nicole Rojas | n.rojas@latinospost.com | @nrojas0131 (staff@latinospost.com) | First Posted: Dec 04, 2012 01:28 PM EST

After months of speculation, Britain's Duke and Duchess of Cambridge finally confirmed that they were expecting their first child on Monday. Within hours of the announcement, people were already guessing what the future royal's name could be.

According to the Daily Mail, the royal couple could decide to use a family name if they have a daughter. Two top contenders include Diana for his late mother or Elizabeth for his grandmother, the Queen, and her great-grandmother. Other family names for the potential future princess could include Alexandra, Victoria and Mary.

The Daily Mail reported that Ladbrokes predicted the odds for naming the baby Elizabeth are 8-1 and Diana 12-1. However, People Magazine reported that Paddy Power predicted the odds for Elizabeth are 16-1, while Diana stand at 9-1.

In the event that the royal baby is a boy, possible names include John, Charles, James, Philip, George, Edward and Andrew are the leading contenders. According to the Daily Mail, John and Charles lead the odds at 10-1. People reported that John leads at 8-1, followed by Charles, Philip and George come out at 10-1.

Royal children are traditionally given historical names that are passed down through the family, the Daily Mail reported. Whether they choose a traditional name or a unique name will have to suit the future monarch, the newspaper said. William and Kate's baby will be third in line to the throne.

The royal couple was forced to announce the pregnancy earlier than expected after the Duchess was admitted to King Edward VII Hospital in Central London for acute morning sickness on Monday morning. Rumors have also circulated that the royal couple could be expecting twins, which would complicate the line of succession. 

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