Kate Middleton and Prince William finally revealed the name of their baby girl following her birth on May 2 -- find out what it is! Credit: Samir Hussein/WireImage

It's here -- and it's perfect! After much anticipation, Kate Middleton and Prince William have finally revealed the name of their baby girl. Kensington Palace announced on Monday, May 4, that the little girl is named Charlotte Elizabeth Diana.

The royal name, which includes a nod to Prince William's late mother Princess Diana, was confirmed in a release. "The Duke and Duchess of Cambridge are delighted to announce that they have named their daughter Charlotte Elizabeth Diana," the statement reads. Charlotte was one of the early favorites for the baby's name, mentioned alongside Alice, Victoria, and Alexandra. "The baby will be known as Her Royal Highness Princess Charlotte of Cambridge."

The carefully selected moniker includes multiple ties to the happy couple's families. In addition to the Princess Di tribute, the name also includes Elizabeth, which is the name of the baby's paternal great-grandmother (a legacy British royal name), as well as the middle name the princess' maternal grandmother, Carole Middleton. The Duchess' sister Pippa has the middle name of Charlotte, which is also the name of the Duke's cousin, Lady Charlotte, and the feminine form of Charles, Prince of Wales

When asked why these names were picked, a Kensington Palace aide told Us, "We’ll let the names speak for themselves."

After just two hours in labor, the Duchess of Cambridge, 33, gave birth to Her Royal Highness, Princess Charlotte of Cambridge, on Saturday, May 2. She arrived at St. Mary's Hospital in Paddington, London at 8:34 a.m. and weighed in at 8 lbs., and 3 oz.

As previously reported, the royal couple shared "a private moment" with their bundle of joy before Prince William, 32, headed back home to get Prince George. Just twenty minutes later, the adorable 21-month-old tot was introduced to his younger sister for the very first time.

The family of four will now take some time out of the spotlight to enjoy quiet time together. It's rumored that the next time the princess will be seen will be at her christening in early fall.