Kate Middleton just might name their baby after Prince William's late mother, Princess Diana. The Duchess of Cambridge has not revealed the baby's gender yet, but this has not stopped people from speculating and betting on possible names for their second baby.

Some royal experts believe that the name of William and Kate's baby will be a tribute to someone important in their lives.

"I think they will go down a traditional route," said Joe Little, managing editor of Majesty Magazine in an interview with People. "They will want to pay tribute to somebody." 

Fans believe that there is no one better to pay tribute to than the late Princess Diana herself. "It would have all sorts of associated baggage [as a first name]," says Little. "But it could be Elizabeth Diana." 

Other traditional names are also high on people's guess list on the name of Kate and William's baby.

British betting houses report that the name Alice is still the top favorite. Other frontrunners are Charlotte and Alexandra. Naturally, Diana is also near the top of the list.

The royal couple could very well be thinking about their lineage with the names Alice and Alexandra. Alice is the name of a daughter of Queen Victoria, and also the name of the aunt of Queen Elizabeth II, the Duchess of Gloucester.

Meanwhile, Alexandra was the name of Edward VII's wife and also the second name of Queen Elizabeth. Charlotte, on the other hand, was the name of Queen Charlotte, the wife of George III.

Should the baby be a boy, britain's bookies have been keeping score on popular baby names for boys as well, with James at the top of the list, as well as Arthur.

Plenty of monarchs have been named James, in fact there are two British kings and seven kings from Scotland with that first name. It is also the name of Prince William's cousin.