Princess Charlene is pregnant!

The Royal Palace of Monaco has confirmed the news that Princess Charlene and Prince Albert II are expecting their first child together.

In a statement released on Friday the couple revealed their "immense joy" over the news and added that the birth is expected before the end of the year.

He or she will be heir to the throne of the principality of Monaco.

Princess Charlene and Prince Albert II of Monaco and at the F1 Grand Prix of Monaco Gala dinner on May 25. Source: WireImage

This is the first child for Charlene however this will be Albert's third, having previously admitting to fathering two children born out of wedlock, daughter, Jazmin Grace Grimaldi, and son, Alexandre Coste, and therefore are excluded from the succession.

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Before settling down Albert was known as the playboy prince, rumoured to have had a number of high-profile rendezvous with the beautiful and famous, said to include Brooke Shields, Claudia Schiffer and Naomi Campbell.

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The 36-year-old South African former Olympic swimmer and her 56-year-old Prince, who were married in 2011, have been under intense scrutiny as to why they waited so long to fall pregnant.