Royal watchers are saying it will be the "Wedding of the Century" after Prince William and Kate Middletown announced their long-awaited engagement Tuesday.

While comparisons are being drawn to the marriage of his parents, William says he doesn't expect Kate to try to fill his late mother's shoes, despite the fact he gave her the same huge sapphire and diamond ring that once belonged to the late Princess Diana.

While there have been reports that the couple would personally prefer a smaller wedding, many in the U.K. and around the world want a spectacle. And popular royals usually give the people what they want.

The couple plans to marry next year in the spring or summer in London. The couple was reportedly under pressure to marry this summer because in the following year London will host the Summer Olympics, and the queen's Diamond Jubilee will be feted.

"Following the marriage, the couple will live in north Wales, where Prince William will continue to serve with the Royal Air Force," the statement said.

Kate and William's engagement was the safest bet in Britain, an event so certain that bookies had stopped taking bets on a 2011 wedding.

Still, the news was greeted with enthusiasm.

Prime Minister David Cameron said he was "extremely excited" about the engagement and wished the couple his best. He said the news is ''a great day for our country, a great day for the Royal family and obviously a great day for Prince William and for Kate."

Shortly after announcing their engagement Tuesday at St. James's Palace, William and Kate sat down for a television interview together in which they both appeared happy, but nervous.

William said despite the fact he gave Kate his mother's ring, their marriage will be "about carving our own future."

"No one's trying to fill my mother's shoes, and what she did is fantastic," William said. "It's about making your own future, your own destiny, and Kate will do a very good job of that."

When the interviewer followed that comment with a question about William being protective of Kate, he answered: "Massively so."

Earlier Tuesday, William told the crush of reporters who gathered at St. James's Palace for the announcement that his mother was very special to him. So is Kate, and so the ring is his way of putting the two together.

"It is my way of making sure my mother didn't miss out on today and the excitement and the fact that we're going to spend the rest of our lives together," the beaming prince said.

Wearing a shimmering royal blue dress and with one arm looped through her future husband's, Kate smiled graciously while she showed off the ring, as cameras flashed. The ring is an 18-carat blue sapphire surrounded by smaller diamonds and is the same one Diana showed off for reporters in 1981, when her engagement to Prince Charles was announced.

When asked how she felt about joining the royal family, Kate admitted it was something of a "daunting prospect." But she added: "Hopefully, I'll take it in my stride. William is a great teacher, so hopefully he'll help me."

The engagement was announced in a statement Tuesday, finally ending eight years of speculation about the couple's possible pending nuptials.

"The Prince of Wales is delighted to announce the engagement of Prince William to Miss Catherine Middleton," said the statement from Prince Charles's Clarence House office.

The announcement said that the couple got engaged in October while on vacation in Kenya. According to the statement, William sought permission from Middleton's father before proposing.

Kate's parents, Michael and Carole Middleton, also expressed their delight, saying they were "thrilled" by the prospect of a wedding next year.

"As you know, Catherine and Prince William have been going out together for quite a number of years, which is great for us because we've gotten to know William really well. We all think he's wonderful and we're extremely fond of him. They make a lovely couple, they're great fun to be with and we've had a lot of laughs together. We wish them every happiness for the future."

CTV's London Bureau Chief Tom Kennedy said there is tremendous international interest in the wedding of the young man who is expected to one day assume the throne and become king of 16 countries, including Canada.

While William and Kate, who tend to avoid the spotlight, there will be high expectations from the British public, Kennedy said.

"I think the general sense is that the public wants something big, they want to be a part of this, they want to see the royal couple in the streets of London," he told CTV's Canada AM.

‘Obviously, we want a family'

William and Kate are both 28. They met more than eight years ago while students at the University of St. Andrews in Scotland.

They moved in together as roommates with two other students and were friends before their relationship blossomed.

While the tabloids reported several break-ups over the years, William said not all the stories are true, but admitted to one brief period when they were indeed not a couple.

"At the time I wasn't very happy abut it," Kate said of the break-up. "But actually it made me a stronger person. You find out things about yourself that maybe you hadn't realized."

Their long romance without an engagement earned Kate the moniker "Waity Katie" by the tabloids.

With Tuesday's announcement, it appears they will have to find her a new nickname.

When asked about the lengthy courtship, William said he wanted to give Kate time to learn what life is like for the Royal family and decide if she wanted a life in such an intense spotlight.

He also said they had been seriously discussing marriage for the past year.

"Both of us, we've come to the decision pretty much together," William said. "I just chose when to do it and how to do it and, obviously being a real romantic, I did it extremely well."

Neither William nor Kate has said exactly how the prince proposed.

When queried about their plans to have children, William said they will take their new life together "one step at a time."

But both acknowledged they would like to become parents, as both are extremely close to their families.

"I hope we'll be able to have a happy family ourselves because (my family has) been great over the years helping me with difficult times and we see a lot of each other," Kate said. "And they're very, very dear to me."

William said they are both "massively excited about the future."

"We're hugely excited and we're looking forward to spending the rest of our lives together and seeing what the future holds."