Instead, reports now suggest that should the couple welcome a daughter, they will call her Grace.
Just last week, Elizabeth was said to be the favourite according to bookies despite rumours baby Sussex would be named after Prince Harry's mother, the late Princess Diana.
WATCH: Meghan Markle may have already given birth says reporter
Harry Aitkenhead of UK betting company Coral said: “We’ve been bowled over by this gamble and out of absolutely nowhere Elizabeth is the new favourite to be the name of Harry and Meghan’s first child.
“Royal punters are betting in their droves and they’re clearly convinced that they know a baby Elizabeth is on the way.”