Phillipa Lepley wedding dress

A wedding dress by British designer Phillipa Lepley. Photo:

Has the most-buzzed-about dress of the decade found a designer?

Though fashion insiders have been speculating that future queen Kate Middleton will wed Prince William in a gown from her favorite designer, Daniella Helayel of Issa, British bookies are eyeing a new contender, the Daily Mail reports.

Bridal designer Phillipa Lepley is rumored to be in the running for the coveted design job, with bookies slashing odds from 25/1 to 3/1 following the placement of several three-figure bets yesterday, according to the paper.

Does somebody know something we don't?

"There has been a real weight of money behind Phillipa, which would normally suggest that she is at the very least on the short list to design the dress," Rupert Adams, a spokesman for UK bookmaker William Hill, told the Daily Mail.

The royal gig would be a major coup for the British designer, whose couture wedding gowns reportedly start at £5,000.

Middleton has already sparked a shopping frenzy thanks to a rush of replica engagement rings and a selling out of the blue dress by Issa -- who is in second place with 9/2 odds -- worn at her engagement announcement.

What we really want to see are the bridesmaid dresses. Something tells us we'll be wearing copycats for the next two years. Make 'em good, Kate.

Meanwhile, check out Kate Middleton's style evolution.

And click here for expert suggestions on how Kate should style her locks on the big day.