REPORT: Queen Elizabeth Names Prince William, Not Prince Charles, as Her Successor

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Prince William is going to be the next king of England!

According to a new report, reigning monarch Queen Elizabeth, 89, has named her 33-year-old grandson — not her eldest son and next heir to the throne, Prince Charles, 67 — as her royal successor.

Charles, Elizabeth and William in June 2012. (Photo Credit: Getty Images)

“[William and his wife, Kate Middleton], are so incredibly excited,” a source told Ok! Magazine. “They always knew this day might come. They just never expected it so soon.”

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When Elizabeth reportedly announced the exciting news over the holidays, Will and Kate, also 33, "both started crying." “It took a minute to sink in. Kate hugged and kissed William, and it was a completely overwhelming moment for them," the insider continued.

The Royal Family in July 2015. (Photo Credit: Getty Images)

"When Kate told [son Prince George], ‘Mummy is going to be Queen,’ he went off to draw a family portrait and castle!” the source said.

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The insider further revealed Elizabeth is preparing to abdicate the throne this year because she wants to enjoy more time with her husband, Prince Philip, 94. “She wants to spend every possible moment with the man who’s been by her side for 70 years," the insider added. "She’d hate for something to happen to him while she’s away on official business.”