Prince Harry & Meghan One in the Oven! Odds Say Victoria for Name

10/15/2018 5:42 AM PDT

Prince Harry and Meghan Markle Expecting First Child

Breaking News

Prince Harry and Meghan Markle ain't much for wasting time -- they're already expecting their first royal baby. 

Kensington Palace announced Monday morning Meghan, the Duchess of Sussex, is pregnant and said she's due sometime next spring ... which would be right around Mom and Dad's one-year anniversary. 

As for baby names, according to Ladbrokes, the favorites are as follows ...

-Victoria 8/1

-Albert/Arthur/Philip 10/1

-Alice 12/1

Chances of the baby getting Meghan's mom's name, Doria, are 50/1 and Samantha (Meghan's sister) are 100/1.

Meghan and Harry tied the knot in May of this year. We know, everyone's doing some quick math (don't forget to carry the one) ... and, no ... it was NOT a shotgun wedding.

They just had a very busy first couple of months of marriage ... in bed.

For what it's worth, when their child arrives, he or she could be a future king or queen -- although it's really unlikely. Meghan and Harry's kid will be 7th in line to the U.K. throne.

Congrats!