Royal baby name predictions: Will it be Princess Charlotte, Alice or Diana?

Britain's Prince William and his wife Catherine, Duchess of Cambridge, appear with their baby daughter outside the Lindo Wing of St Mary's Hospital, in London, Britain May 2, 2015.REUTERS/Cathal McNaughton

The "Great Kate Wait" has finally ended after Catherine, Duchess of Cambridge, gave birth to her and Prince William's second child on May 2. But the world is still waiting to know the name of the newest member of the British royal family. 

While Kensington Palace is still silent about the name of the new princess, fans and royal watchers are now placing bets in the U.K.-based betting companies like Ladbrokes, William Hill, and Paddy Power, trying to guess what her name would be. The list of names that the public want Kate and William to call their new baby girl can be seen in the said website. 

Based on the list, the names Charlotte and Alice are reportedly on top of the charts. 

Charlotte is probably the public's choice in respect to William's father, Prince Charles, and is also one of the top favorites based on the odds in the gambling sites. It reportedly has 3-1 odds on Ladbrokes and Paddy Power and 2-1 odds on William Hill. 

Meanwhile, the name Alice is in close second, which was taken from the name of the Duke of Edinburgh's mother. 

According to a representative from Paddy Power, "Punters are seriously caught up in Charlotte's web and sending Alice back to Wonderland." 

While other bettors are hoping that the royal baby will be given a more traditional name, such as Mary, Alexandra, Victoria, and Elizabeth, others are still hoping that the Duke and Duchess of Cambridge will choose to name their daughter after the Prince's late mother, Diana. 

But a family friend told PEOPLE that naming the baby girl Diana is highly unlikely, since the royal couple knows that it could "cause a stir." 

Meanwhile, the Daily Mail reported that Kate and William already decided on the name of their new baby, but will not announce it to the world until the Prince has informed the Queen in person.