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Stop us if you’ve heard this before: Prince William and Kate Middleton are engaged and planning an enormous wedding.

The likely nuptials between this royal couple are a popular tabloid topic both overseas and domestically. Sources speculate that over $20 billion will be at stake when vows are eventually exchanged.

Now, The Daily Mail claims to know when the ceremony will take place: on the second weekend of August 2011, as insiders report senior personnel at Westminster Abbey have been alerted to keep that date open for a major event there.

Kate, Will, Elizabeth

This iconic building was the venue for Princess Diana’s funeral service 13 years ago. Said an anonymous source who works at Westminster Abbey:

“A date has been earmarked for a royal wedding next year… only the most senior personnel here have been privy to the discussions, but my understanding is that the issue was raised when the Queen visited here back in May.”

William is scheduled to begin work as a search and rescue pilot late next month.

“To be honest, next summer would be perfect,” says a friend. “It’s pretty much impossible for them to marry in 2012 due to the Jubilee and the London Olympics, which means that unless they take the plunge next year Kate would have to wait until 2013 to walk down the aisle. She has been very patient so far, but I think that is asking rather too much.”

Let’s just hope the Prince can keep his lips to himself in the meantime.