Prince Harry, Meghan name their newborn son Archie

'It's only been two and a half days, three days, but we're just so thrilled to have our own little bundle of joy'

Ending months of widespread speculation, Britain's Prince Harry and wife Meghan Markle on Wednesday named their newborn son Archie, the seventh in line to the British throne.

The announcement came after the Queen and Duke of Edinburgh were introduced to their eighth and newest great-grandchild.

"The Duke and Duchess of Sussex are pleased to announce they have name their first born child: Archie Harrison Mountbatten-Windsor," the royal couple announced on their official Instagram account along with a black and white picture of the new family of three alongside the Queen, the Duke of Edinburgh and Meghan's mother Doria Ragland.

"This afternoon Their Royal Highness introduced Her Majesty The Queen to her eight great-grandchild at Windsor Castle. The Duke of Edinburgh and the Duchess' mother were also present for this special occassion," it said.

Earlier, speaking in St George's Hall at Windsor Castle as Prince Harry cradled their two-day-old child, Markel, 37, said of the baby, "He has the sweetest temperament, he's really calm. He's been the dream".

"I don't know who he gets that from," Harry, 34, said.

Talking about their first few days as parents, the Duchess of Sussex said, "It's magic, it's pretty amazing. I have the two best guys in the world so I'm really happy".

"It's great. Parenting is amazing. It's only been two and a half days, three days, but we're just so thrilled to have our own little bundle of joy," the duke added.

The royal joked that his son has "already got a little bit of facial hair" as he spoke of his excitement at becoming a dad.

There was no mention of a potential royal title for Archie, a UK media report said.

Britain's legal bookmakers Tuesday reported high interest in the names Alexander, James, Philip and Arthur. Bookmakers also report speculation about the name Spencer, the maiden name of Harry's late mother, Princess Diana.

WATCH: Prince Harry, Meghan Markle show off baby boy to the world

Others believed Markel will choose a name that reflects her American heritage. Baby Sussex, the eighth great grandchild to Queen Elizabeth II, is believed to be the first mixed-race child born to a senior member of the British Royal Family in centuries.

Coming in ahead of him in the line of succession as it stands are his grandfather the Prince of Wales, his uncle the Duke of Cambridge, Prince William, his three young cousins Prince George, Princess Charlotte and Prince Louis, and his father Harry.

The infant, however, will not be made a prince unless his great-grandmother steps in, who is set to meet the new baby later on Wednesday.

Prince Charles also expressed his joy at the birth.

During an official visit to Germany with the Duchess of Cornwall Camilla, he said: "We couldn't be more delighted at the news and we're looking forward to meeting the baby when we return."

A statement added that Meghan's mother, Ragland, was "overjoyed at the arrival of her first grandchild" and was with her daughter at Frogmore Cottage - the new parents' home on the Windsor Estate.

The birth is understood to have taken place in hospital as opposed to at home as Meghan had intended.