By Bary Alyssa Johnson (staff@latinospost.com) | First Posted: Jul 24, 2013 05:11 PM EDT

Just two days after his birth, and one day after he was first debuted to the world, Kensington Palace announced on Wednesday that new parents Kate Middleton and Prince William have decided on a name for their first born son and heir to the British throne.

The Duke and Duchess of Cambridge are proud to introduce their baby boy is named George Alexander Louis. Officially, the royal baby will go by the title His Royal Highness Prince George Alexander Louis of Cambridge, but unofficially it's likely he'll simply be known as Prince George.

On Tuesday, Prince William told the crowd of onlookers gathered to get a first glimpse of the young prince outside of St. Mary's Hospital that he and his wife had yet to choose a name for their child, so it's surprising that today's announcement came so quickly.

Kate and William have not yet revealed why they decided upon George Alexander Louis, but there's much speculation about their reasoning.

According to a report from Time, George was one of the most popular choices amongst bookies in England taking bets on the baby's name. Perhaps because George was the name of Queen Elizabeth II's father, Prince William's great-grandfather, King George VI.

It's also a name that dates back to the beginning of the current royal family's Hanoverian dynasty in the 18th century with George I. Should the young prince find his way to the throne one day, he'll be known as King George VII.

CBC News reports that there may be less historical and familial significance to the name Alexander. Alexander was reportedly one of Kate's favorite names, and there is a possibility that Alexander could become the name that the young prince will be known by in family circles, according to BBC News.  

Louis is another name with family ties, as it is one of Prince William's middle names. Reuters reports that Louis was also the given name of Prince Charles's mentor and great-uncle Louis Mountbatten, who was assassinated by Irish nationalist IRA guerillas in 1979.

Queen Elizabeth II has been vocal about her desire to meet her new grandson before she departs on her yearly summer trip to Scotland this week. She got her wish on Wednesday, according to CBS News. Her Majesty was driven from Buckingham Palace to see the prince and spent half an hour visiting with him.

Later on in the afternoon Kate, William and little Prince George left Kensington Palace to go and visit with Kate's parents at their home in the village of Bucklebury.

Now that Kate and William have decided upon a name, they will now choose a photographer to snap the new prince's first official portrait.

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