On Valentine’s Day, Prince Harry and Meghan Markle announced to the world, they were expecting baby number two.

“We can confirm that Archie is going to be a big brother. The Duke and Duchess of Sussex are overjoyed to be expecting their second child,” a spokesperson for the couple told PEOPLE.

Meghan, 39, and Harry, 36, announced their pregnancy news with a stunning black-and-white photo showing Meghan cradling her baby bump as she rests in Harry’s lap.

The couple’s new baby will be two years younger than the couple’s first child, Archie Harrison Mountbatten-Windsor, who was born on May 6, 2019.

Now, the big question is… what will Harry and Meghan name their second child?

Harry and Meghan’s pregnancy was confirmed alongside this stunning image.

Bookmakers in the UK are ranking the odds on potential baby names, with many believing Harry will pay tribute to his late mother, Princess Diana, by naming the baby after her, whether it’s a boy or girl.

“Royal punters are seemingly convinced Harry and Meghan’s second born will be named after his mother, regardless of whether it’s a boy or a girl, as Diana and Spencer are currently proving the most popular picks in the betting,” says Alex Apati from betting agency, Ladbrokes.

According to a list compiled by Betfair, one of the world’s largest international online sports betting providers, the two top contenders right now are Oliver and Diana, with 8/1 odds.

Betfair spokesperson Sam Rosbottom said: “Having picked Archie – a name that wasn’t even on our list, for their first child – the odds suggest Meghan & Prince Harry could opt for a more traditional name for their second with Oliver and Diana the joint 8/1 favourites with Betfair.”

“Other names with royal connections are also towards the top of the betting including Arthur and Grace, both at 10/1 and Philip, Albert, George & Isabella all at 12/1.”

See the full list of boy and girl names and their respective odds below.

When choosing a name for their second child, royal watchers believe Harry will pay tribute to his late mother, Princess Diana.

Popular picks for boy names

  • Oliver 8/1
  • Arthur 10/1
  • Philip 12/1
  • Albert 12/1
  • George 12/1
  • Charles 16/1
  • Edward 16/1
  • Andrew 18/1
  • Henry 20/1
  • Edmund 20/1
  • Victor 25/1
  • Jack 25/1
  • Spencer 25/1
  • Augusta 33/1
  • Frederick 33/1
  • James 40/1
  • Godfrey 50/1
  • William 100/1
  • Thomas 100/1
  • Boris 200/1

Popular picks for girl names

  • Diana 8/1
  • Grace 10/1
  • Isabella 12/1
  • Alice 14/1
  • Alexandra 18/1
  • Ivy 20/1
  • Victoria 20/1
  • Emily 20/1
  • Sarah 25/1
  • Doria 25/1
  • Celia 25/1
  • Edith 33/1
  • Mary 40/1
  • Eugenie 50/1
  • Fiona 50/1
  • Camilla 66/1
  • Frances 100/1
  • Nicola 100/1