After much delay, the Royal Baby now has a name.

Kate Middleton and Prince William have finally revealed the name of their new daughter. She will be called Charlotte Elizabeth Diana, the Kensington Palace announced on Monday, according to Us Weekly.

The baby's name honors Prince William's late mother Princess Diana.

"The Duke and Duchess of Cambridge are delighted to announce that they have named their daughter Charlotte Elizabeth Diana," the statement reads.

For weeks, followers had been placing bets trying to guess what the baby's name would be. Coral betting service in the U.K. placed the highest odds on the baby being named Alice or Elizabeth. With 6-to-1 odds, Charlotte was the name with the next highest odds.

"The baby will be known as Her Royal Highness Princess Charlotte of Cambridge," according to the release.

The name includes tributes to Princess Diana and others within the Royal Family tree; Queen Elizabeth is the baby's paternal great-grandmother and also the middle name of the princess' maternal grandmother, Carole Middleton. Kate Middleton's sister Pippa has the middle name of Charlotte, and it is also the name of the Duke's cousin, Lady Charlotte, and the feminine form of Charles, the Prince of Wales.

Kate spent just two hours in labor before giving birth to her new daughter Saturday. The baby was delivered at St. Mary's Hospital in Paddington, London at 8:34 a.m. The baby weighed in at 8 lbs. and 3 oz.

Kate and Prince William spent some alone time with their new daughter before Prince William went home to get Prince George. The almost 2-year-old Prince George then got his first chance to meet his sister.

The name was not announced until two days after Prince William and Kate showed off their new baby to the world, NBC News reported.