A statement from Kensington Palace's Instagram account confirmed the wonderful news, stating: "His Royal Highness Prince Henry of Wales and Ms. Meghan Markle are engaged to be married."
"The Prince of Wales made this announcement this morning" the post continued, before sharing words from the happy couple.
"His Royal Highness The Prince of Wales is delighted to announce the engagement of Prince Harry to Ms. Meghan Markle. The wedding will take place in Spring 2018. Further details about the wedding day will be announced in due course."
"His Royal Highness and Ms. Markle became engaged in London earlier this month. Prince Harry has informed Her Majesty, The Queen and other close members of his family. Prince Harry has also sought and received the blessing of Ms. Markle's parents."
"The couple will live in Nottingham Cottage at Kensington Palace" it concluded.
Meghan and Harry first began dating in June 2016, before the Royal Family broke protocol and publicly addressed the relationship due to the "wave of abuse and harassment" that had been directed towards the actress.
In a September 2017 interview with Vanity Fair, Meghan addressed their relationship in an interview for the first time.
"We're two people who are really happy and in love. We were very quietly dating for about six months before it became news, and I was working during that whole time, and the only thing that changed was people's perception," she told the publication.
The duo have rarely been spotted in public together, thought we love catching any glimpse of their romance in the real world!
Speculation that the gorgeous couple would announce their engagement has grown over the past few weeks, as Meghan quit her acting role on the hit series Suits and packed up her life in Toronto to move in with Harry into Kensington Palace.
Then, last week, she was spotted being guarded by royal protection officers. Kate Middleton was only afforded the same privilege once she was engaged to Prince William.
British media are reporting that the couple will partake in a broadcast interview on Monday afternoon in London. This should be fans first look at the engagement ring, and will mark the first time the couple have appeared on-camera together.
We can't wait to watch. Congratulations to the happy couple!