You'll always be welcomed back: The Queen tells Prince Harry

The UK's Queen Elizabeth II has reportedly told her grandson Prince Harry that he and his wife Meghan Markle would 'always be welcomed back' into the royal fold in the future - but only if they don't 'cash-in' on their status.

On Sunday at the Windsor Castle, the monarch held a four-hour-long "rift-healing" talks with her grandson ahead of his and Meghan's last official royal engagement next week, the Metro newspaper said in a report.

The Queen and Prince Harry had a four-hour heart-to-heart talk at Windsor Castle on Sunday about his future. She told him over lunch that he and Meghan will be welcomed back if they ever decide to rejoin the royals.

Harry and Meghan dropped a bombshell statement on January 8, when they publicly announced their intention to "work to become financially independent" while also "fully" supporting the Queen.

They assured the media of continuous collaborations with the monarchy, but it was concluded that a half-in/half-out model whereby the couple would gain financial independence while also serving the Queen was not possible.

Harry and Meghan announced after negotiations with the royal family that they will stop carrying out royal duties from the spring and no longer use the title HRH.

(With inputs from agencies)