"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 palace said in a statement on Wednesday evening.

George had been the favorite of British bookmakers, with William Hill placing George - the name of six previous British kings - as the favorite at 2-1 odds, with James at 4-1.

Little George Alexander Louis is third in line to the throne, after his grandfather, Prince Charles, and father, Prince William. Earlier in the day, little George met his great-grandmother, Queen Elizabeth II. The monarch, who is 87, made the short trip from Buckingham Palace unaccompanied by her husband, Prince Philip, who is recovering after abdominal surgery last month.

The baby was shown off to the world on Tuesday, when his parents stood outside London's St Mary's Hospital to crowds of cheering onlookers and hundreds of journalists and photographers from around the world. Most of the media had been camped outside the hospital since early July.

The prince slept through his debut public appearance, although his father assured those gathered that he had "a good pair of lungs on him."

Congratulations have poured in from all over the globe following the birth, including from US President Barack Obama, as well as from Commonwealth countries, including Canada and Australia, where the baby can expect to be head of state one day.

After selecting the baby's name, William and Kate must now choose a photographer for his first official portrait.

jr/dr (AP, Reuters, dpa)