So who could make the cut?
A lot of reports claim Meghan’s best friend Jessica Mulroney and her husband Ben could be chosen. The couple's children played a big part in Harry and Meghan’s May wedding.
The former Suits actress was maid of honour to her college friend Jill Roth, so some speculate she could name a godparent.
Others suggest Princess Diana’s godson Jake Warren and his wife Zoe could make the cut.
The Daily Mail has speculated that George and Amal Clooney - who have become close with the royal duo - could be named godparents.
A source said: "Amal and Meghan have been close for years, and Harry and George have become buddies because of that.
“They're much closer than the headlines let on."
Meanwhile, Misha Nonoo - who is rumoured to be the mutual friend who introduced the pair - has also made the shortlist.