The little prince has a name at last!

Kensington Palace has announced that Prince William and Kate's little son, who is third in line to the British throne will be known as His Royal Highness Prince George of Cambridge.

"The Duke and Duchess of Cambridge are delighted to announce that they have named their son George Alexander Louis," read a statement from Kensington Palace. "The baby will be known as His Royal Highness Prince George of Cambridge." 

Bookmakers Ladbrokes had James as favourite for the new prince, followed by Henry and George, Philip, Alexander and Richard.

George has been the name of six British kings. The last, George VI, was the father of Queen Elizabeth II and reigned from 1936 to 1952.

The name has a lot of sentimental meaning to William's grandmother – it was the name her father chose when he became King. His real name was Albert, and his story was told in 2010's The King's Speech.

It's thought that Alexander was inspired by Alexandra, one of the Queen's middle names.

Louis is one of William's middle names and was the given name of Prince Charles's mentor and great-uncle Louis Mountbatten, who was assassinated by Irish nationalist IRA guerrillas in 1979.

"It's interesting that they chose to go with just three names," historian Suzannah Lipscomb told Sky News.

"It's almost as if the royal family is coming down with ordinary people, who tend to have fewer middle names than monarchs.

"It is a name that none can find any problems with. George itself can't be shortened in any obvious offensive way.

"They've probably gone for something that is safe."

In another down-to-earth move, the royal couple is currently visiting the Duchess's parents' house in Berkshire.