The time is now, royal watchers! Kensington Palace confirmed early Monday morning that Kate Middleton was admitted to St. Mary's Hospital in London in the early stages of labor. While we wait to welcome the royal baby, we can't help but wonder what he or she will be named ...

Time reports that less than an hour after the Duchess of Cambridge's latest pregnancy was announced, the London-based bookmaker William Hill revealed odds on the baby's name. With odds at 8/1, Alice is currently the most popular choice, followed by Elizabeth (10/1), James (12/1) and Arthur (12/1). The odds on gender are equal, at 10/11 for a boy and a girl, and the odds on the Duchess of Cambridge having twins are quite high at 33/1.

The odds that the baby will be named after a member of the royal family are also very good, Hill noted. Diana currently has 16/1 odds, Margaret (the name of the Queen's late sister) has been given odds of 20/1 and the chances of the couple reusing the name Charles (after baby's grandfather) are 25/1.

Another London-based bookmaker, Ladbrokes reportedly announced similar odds, giving Alice top marks (7/1), followed by Arthur (10/1), Victoria (10/1), Alexandra (12/1), Albert (14/1) and Phillip (14/1).

"The early money suggests punters would love to see Kate and Wills welcome another little girl into their family, who is called Alice," Jessica Bridge, a spokesperson for Ladbrokes, said in a statement. "It should come as no surprise to see fairly normal yet regal names top the betting."

According an article published by BBC News, however, there's a chance Wills and Kate may take the birth of baby no. 3 as an opportunity to pay tribute to Middleton's side of the family. Both Prince George and Princess Charlotte's full names were inspired by members of the royal family—George Louis Alexander references six former kings, while Charlotte Elizabeth Diana honors both Queen Elizabeth and the late Princess Diana.

Ultimately, experts are certain the name will be a traditional choice (don't expect the palace to announce the arrival of a Stormi or True). "It will probably be something we have heard attributed to a prince or princess before. It's quite likely to follow the traditional route that William and Kate seem to favor," Joe Little, managing editor of Majesty magazine explained.

What do you think the name will be?

By Isabel Jones and Meghan Overdeep