The singing superstar is believed to have welcomed the new arrival into the world via a scheduled C-section at Lenox Hill hospital in New York City.
This is the first child for Beyoncé and her husband Jay-Z, and the Houston Chronicle reports that mother and baby are "doing fine".
According to E! Online, Jay-Z has told friends and family that they have named their daughter Blue Ivy Carter. Other media outlets claim the baby is called Ivy Blue Carter.
Beyoncé and Jay-Z are believed to have splashed out $1.3 million to book the entire fourth floor of the hospital to ensure their privacy. The 30-year-old star is said to have checked in on Friday night under the pseudonym 'Ingrid Jackson'.
Hospital management reportedly taped up security cameras and asked staff to hand in their cell phones to prevent any unauthorised footage or photographs being leaked of the newborn.
The couple's celebrity friends have already started sending their well wishes.
Rihanna took to her Twitter account to express her delight at the new arrival.
"Welcome to the world princess Carter! Love Aunty Rih (sic)" Rihanna wrote earlier today.
Russell Simmons has also been tweeting about the birth.
"Congrats to my good friends Beyonce and Jay-Z (sic)" he said.
P. Diddy has welcomed the baby and revealed he hopes the couple will go on to have a large brood.
"Congrats to jay and B! God Bless :) ! And many more! (sic)" he tweeted.
The couple are yet to comment on the birth rumours.
On December 30, it was claimed that Beyoncé had given birth to a daughter called Tiana May Carter at St. Luke's Roosevelt Hospital in New York City.
However, those reports were later dismissed as she was spotted dining with Jay-Z at the Buttermilk Channel restaurant in Brooklyn on New Year's Eve.
On Thursday, Beyoncé was seen stroking her stomach as she was escorted out of a Manhattan building by a bodyguard. She was also accompanied by her mother Tina.
Beyoncé announced her pregnancy at the 2011 MTV Video Music Awards in August last year
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