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Odds favour Charlotte as the name for the world's newest Princess

With the news that Prince William and Kate have welcomed a baby girl - the question now begs: What will the Princess be called? Photo: Getty Images

Now that we know that the Royal Baby 2.0 is in fact a girl - speculation has now turned to what the little Princess will be called.

Bookmakers in the UK are pegging Charlotte as the frontrunner with Paddy Power slashing the odds to 3/1, closely followed by Alice at 4/1.

RELATED: It's a girl! Kate Middleton and Prince William welcome their little Princess

Victoria and Olivia are coming in after that at 5/1.

The Princess of Cambridge, who was born at 8:34am on May 2, weighing in at 8lbs and 3oz has returned home to Kensington Palace with her proud parents, Prince William and Kate, The Duke and Duchess of Cambridge.

GALLERY: Prince George's adorable arrival threatens to steal his little sister's thunder!

GALLERY: Prince George's adorable arrival threatens to steal his little sister's thunder! Photo: Splash Australia

She is also joined at the palace by big brother, Prince George, who made a brief appearance at the hospital to meet his new baby sister.

The fourth in line to the throne is expected to met her Great Grandmother, The Queen today, as well as her Grandparents, Prince Charles and Camilla and Carole and Michael Middleton.

The little one will have to wait a few weeks to meet her Uncle Harry however, as his is currently in Australia.

For rolling updates on the royal baby, stay tuned to our Facebook page, Twitter and Instagram!