Arthur Edwards/Pool/Getty
October 22, 2014 02:00 PM

Unlike dad-to-be Ryan Reynolds, Princess Kate and Prince William have already shown that they prefer the traditional route when it comes to baby names. (Though we think Excalibur would make an awesome name for a future prince or princess.)

So what will the royal parents choose for their second child, who is set to join first-born Prince George, 15 months, in April?

British betting firm Ladbrokes has named the top five odds-on favorites for each gender, with Elizabeth claiming the No. 1 spot for a girl and James No. 1 for a boy.

Elizabeth, of course, is the reigning monarch’s name – and William’s grandmother.

“They will perhaps want to pay tribute by going along that route,” says Joe Little, managing editor of the respected royal chronicle Majesty magazine.

“Or maybe this is the time to bring in a Middleton name. But I can’t for the life of me see a Carole or Michael,” adds Little, referring to Kate’s parents.

As for the speculation surrounding Diana, in honor of William’s late mother, “it would have all sorts of associated baggage,” Little says. “But it could be Elizabeth Diana, for example. There has never been a Princess Diana,” – that wasn’t her official title, an ongoing source of debate with Kate – “and they may want one.”

Next September, the Queen will outrank Victoria as the longest reigning British monarch. Choosing Victoria “would be a historical nod to that milestone,” Little notes.

The couple could also try a nod to history and literature with the name Arthur.

“There have been Prince Arthurs in the past,” Little says, “and that’s a possibility.”

So maybe Excalibur isn’t off the table just yet?

Check out our poll below for the Top 10 odds-on favorite names, according to Ladbrokes.

Reporting by SIMON PERRY

For much more on Princess Kate’s road to recovery, pick up this week’s issue of PEOPLE magazine, on newsstands Friday

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