Royal baby: Two names emerge as favorites for Duchess Kate and Prince William's new baby

Duchess Kate and Prince William are about to welcome a new bundle of joy into their family. And while the sex of the baby remains unknown, two names have emerged as a favorite.

According to bookmaker Ladbrokes, Alice is the most popular girl's name while Philip tops the list for a boy.

Odds on baby No. 3 being called Alice are 5/1 while the odds of Philip are 16/1. No doubt the name Philip is a tribute to Prince William's 96-year-old grandfather, Prince Philip, who officially retired from public duties last year. Alice, on the other hand, is a French name meaning "of nobility." The name comes from Queen Victoria's daughter, but also Prince Philip's mother.

"Punters are seemingly confident Kate will give birth to a girl as Alice is proving twice as popular as any other name in the market, but if it's a boy it's looking increasingly likely he'll be named after his great-grandfather," Alex Apati of Ladbrokes told Daily Mail.

Several names have been floated around as top contenders -- Arthur and Frederick for a boy and Isabella and Victoria for a girl.

Preparations for baby No. 3 outside of Lindo Wing, where Kate will give birth, are well underway, so it's only a matter of time before we're introduced to the new royal!