And while we don't know whether they'll be welcoming a little boy or a little girl, Buckingham Palace confirmed their baby-to-be's official title: His or Her Royal Highness the Prince or Princess of Cambridge.
Considering the fact that dad and mom are the Duke and Duchess of Cambridge, it's not exactly a shocker that their little one should take the title. And this wouldn't be the first royal with such a title: The grandson of King George III, HRH Prince George of Cambridge, was born in 1819.
The mayor of Cambridge, Paul Sandars, told the Daily Mail the royal baby's title is "a great honour" to the historical university town, which is located about 50 miles north of London.
"I think it's lovely to continue the close link with the royal family," he said. "I think anything which helps to keep Cambridge in the public eye is a good thing as we rely on tourism."
"It can only be good news for Cambridge," said Cambridge's former mayor Sheila Stewart. "Everyone is so excited about it. The whole country is waiting for the birth."
Whole country? More like the entire world is on royal baby watch! The child is, after all, the future king or queen of England. Thanks to an October 2011 change to the rules of royal succession, William's firstborn son or daughter is eligible to become the future heir to the throne.
"Put simply, if the Duke and Duchess of Cambridge were to have a little girl, that girl would one day be our queen," British Prime Minister David Cameron explained.
But Kate and William's little prince or princess will most certainly experience life outside the castle. Victoria Arbiter, ABC's royals contributor and daughter of former Queen Elizabeth II press secretary Dickie Arbiter, told E! News Kate's parenting style will most likely be similar to the down-to-earth way in which the late Princess Diana raised her sons.
"She is going to want to be present; she is going to want to take the children to school in the morning," Arbiter said. "Diana made sure she was on hand for everything she possibly could."
"Diana was always very keen on William and Harry knowing the world around them," she added. "She took them to McDonald's, she took them to the movies, they went to theme parks and homeless shelters...Yes, they were born into a very privileged background, but Diana made sure they knew they lived in a privileged background that wasn't normal and knew how other people lived."
We have a feeling that like William and Harry, this royal baby will be raised with an understanding of and appreciation for the world we all live in.