Meghan Markle and Prince Harry in 'Ongoing Discussions' About Whether They Will Use the Word 'Royal'

Prince Harry and Meghan Markle are in “ongoing discussions” about using the word “royal” as they embark on their new chapter in North America.

“As the Duke and Duchess of Sussex are stepping back as senior members of the royal family and will work towards financial independence, use of the word ‘royal’, in this context needed to be reviewed. Discussions are still ongoing,” a royal source tells PEOPLE.

Discussions are specifically around the use of the word in the name of their new nonprofit organization.

“As part of the process to transition the Duke and Duchess of Sussex into their new chapter, planning has been well underway around the launch of their new nonprofit organization. Details will be shared in due course,” the source adds.

While the discussions continue, it reportedly appears likely that they will not use the word “royal.”

Queen Elizabeth and senior officials “are believed to have agreed it is no longer tenable for the couple to keep the word ‘royal’ in their ‘branding,'” The Daily Mail reported Tuesday.

The news comes after Harry and Meghan’s bombshell decision to step down as senior members of the royal family in January.

“After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution,” the couple said in a statement on January 8, using their official Sussex Royal Instagram account to make the announcement.

“We intend to step back as ‘senior’ members of the Royal Family and work to become financially independent, while continuing to fully support Her Majesty The Queen,” the statement continued. “It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment.”

In their statement, Harry and Meghan also said that they will be launching a “new charitable entity” in their next chapter. Planning on the non-profit’s launch has been well underway, and its reveal is expected to be announced at a later date.

After Harry and Meghan’s announcement, the Queen released a statement as well.

“Harry, Meghan and Archie will always be much loved members of my family,” the statement said. “I recognise the challenges they have experienced as a result of intense scrutiny over the last two years and support their wish for a more independent life.”

“I want to thank them for all their dedicated work across this country, the Commonwealth and beyond, and am particularly proud of how Meghan has so quickly become one of the family,” the statement added.

The duo’s announcement immediately called into question whether they would be able to continue use of their Sussex Royal branding, and a royal source told PEOPLE in January that the Sussex Royal usage question was “still being worked through” with officials at the palace.

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Harry and Meghan have been residing in Vancouver, Canada, with their 9-month-old son Archie after their exit from royal life.

A person in the couple’s circle told PEOPLE last week, “They are besotted and very sweet with each other.”

“Archie is the priority. It’s very much still about taking care of him and putting the family first,” a close friend previously told PEOPLE. “He’s a happy kid — he loves to laugh. Archie and Harry have such a good time together. And Meghan is a great mom. She’s very much about tending to him. They are trying to live their life as regular parents.”