Zara Phillips, Queen Elizabeth's Granddaughter expecting First Child with Husband Mike Tindall

Of late, it has literally been baby time at Buckingham Palace. As the whole world is waiting impatiently to welcome the first child of Kate Middleton and Prince William, officials at the Palace announced that another royal baby is on the way.

According to a statement posted on the British Monarchy Facebook page Monday, Zara Phillips, Queen Elizabeth's granddaughter is expecting her first child with husband, Mike Tindall.

"Mr and Mrs Mike Tindall are very pleased to announce that Zara Tindall is expecting a baby in the New Year," the statement posted on the official website of The British Monarchy, read.

Phillips is the second child of Princess Anne (daughter of Queen Elizabeth II and Duke of Edinburg, Prince Philip) and her first husband, Captain Mark Phillips. She is the fourteenth in line for the British throne. The latest addition to the royal family will be the Queen's fourth great-grand child, Us Weekly reported.

"The Princess Royal and Captain Mark Phillips, Mr Phillip and Mrs Linda Tindall, and members of both families are delighted with the news. This baby will be the first child for Mike and Zara and the third grandchild for The Princess Royal," the officials added.

Phillips met the rugby union player in 2003, during England's Rugby World Cup- winning campaign in Australia and got engaged to him in Dec. 2010.  The couple tied the knot in July 2011.

Irrespective of the latest developments in her life, the Olympic medalist has reportedly been actively participating in horse-riding events held in the area last week.