Royal Baby's name has a touch of Princess Diana

The Kensington Palace on Monday announced that Prince William and Duchess Kate Middleton have named their daughter Charlotte Elizabeth Diana.

Prince George's sister and fourth in line to the throne will be addressed as Her Royal Highness Princess Charlotte of Cambridge.

In an earlier report, Charlotte was one of the top five names favoured to be chosen, according to a betting agency Ladbrokes.

The Duchess of Cambridge gave birth to Princess Charlotte on Saturday at 8:34 a.m. (0734 GMT), some two and a half hours after she was admitted in the early stages of labour at St Mary's Hospital, West London. The baby weighed 8 lbs 3 oz and Prince William was present at the birth.

Kensington Palace official tweet:

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

— Kensington Palace (@KensingtonRoyal) May 4, 2015

The baby will be known as Her Royal Highness Princess Charlotte of Cambridge.

— Kensington Palace (@KensingtonRoyal) May 4, 2015

Watch: Royal couple leave hospital with daughter Charlotte Elizabeth Diana