Kate Middleton and Prince William have announced their baby boy will be called George Alexander Louis.
Buckingham Palace said: "The Duke and Duchess of Cambridge are delighted to announce that they have named their son George Alexander Louis.
"The baby will be known as His Royal Highness Prince George of Cambridge."
The third in line to the throne will become King George VII. The last King George, George VI, was the Queen's father. He led the country through WWII and died in 1952.
Bookies had pegged George as the favourite name since the announcement that the couple had had a baby boy.
A William Hill spokesman said before the name was revealed: "George was the second most popular name before we knew whether the baby would be a boy or girl, so now it moves into pole position and is the red hot favourite to be the name of the new prince."
Louis had also been tipped, with odds of 12/1.
Ladbrokes spokesperson Jessica Bridge told IBTimes UK: "As soon as the news broke of the birth, we were taking £900 a hour on the name. Henry is causing us a headache as it will be a pay-out of £100,000. So we're staring down a bit of a royal cannon on that one.
"As soon as we found out the sex, then the betting went in to overdrive. This is a really unusual event, it is the most exciting novelty event we've ever seen. It's like a posher Grand National."
Kate and William presented their son to the world outside St Mary's Hospital in Paddington a day after his birth on 22 July.
They returned home to Kensington Palace to spend their first night together as a family.
They have been visited by several family members, including the Queen and Prince Harry.
Kate and William have gone to her parent's home in Bucklebury, Berkshire, where they are expected to stay for the next few weeks.