Royal insiders tip engagement news this week

Royal insiders at Buckingham Palace are tipping the highly anticipated engagement of Prince Harry and Meghan Markle will be announced at some point this week.

9NEWS Europe correspondent Seb Costello told TODAY there were reports in the UK media that Prince Harry had already proposed to Ms Markle.

Sources inside the palace believe a television announcement has already been recorded and could air as early as this week.

Speculation over the potential engagement has been at fever pitch since Remembrance Day, when Prince Harry told reporters Ms Markle could join next year's event as a part of the family.

It is also believed the engagement ring is made from diamonds taken from a broach worn by Princess Diana.