After months of speculation, Buckingham Palace confirms there's a royal baby on the way!

The palace released a statement saying, 'Their Royal Highnesses The Duke and Duchess of Cambridge are very pleased to announce that The Duchess of Cambridge is expecting a baby.'

Chris Jackson, Getty Images

Duchess Catherine was admitted to King Edward VII hospital due to acute morning sickness, and is expected to stay there for a few days to rest and recuperate.

What's the big deal about this baby? It will likely be heir to the throne in the U.K. due to a change in the rules of succession.

That will be one popular (and fabulously dressed) baby...all the best to the Royal Fam during this time!

What do you think would be the perfect name for Will and Kate's little one? Tell us in the comment section below!