The prince, who is now third in line to the throne after the birth of Princess Estelle in February, has been with 28-year-old girlfriend Sofia Hellqvist for just over four years.
IN PICTURES: See The Local's gallery of Princess Estelle
On Thursday, the Svensk Damtidning magazine reported that the 34-year-old prince was narrowing down his options for the perfect wedding setting.
He has most recently been scouring the island of Öland, off Sweden's east coast, where the Swedish royal family has a summer residence at Solliden Palace.
IN PICTURES: Prince Carl Philip from every angle
While nothing is officially confirmed yet, sources to the paper alleged that the prince and Hellqvist were particularly interested in Räpplinge Church and Gärdslösa Church.
Lisbeth Lennartsson, head of the local municipal council in Borgholm, is excited about the possibility of a royal wedding on the island.
"It would be incredibly positive for trade on Öland if Prince Carl Philip and Sofia get married here. There is plenty of hotel capacity for all the guests," she told the Expressen newspaper.
"The King's sister Margaretha got married here and Victoria was confirmed in the Räpplinge church."
The Swedish prince is popular among royal fans around the world. In May, the Buzzfeed website even ran a piece in May titled "The Prince Of Sweden Is A Total Babe", a story which garnered 3,000 shares on Facebook.
SEE ALSO: Curious about Buzzfeed's assessment of Prince Carl Philip? We've put together a gallery of our own, showcasing all of his best sides.