Hugh Hefner (centre), Playboy magazine and Playboy Playmates founder and girlfriends from left Kendra Wilkinson, Holly Madison and Bridget Marquardt. - reuters

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Hugh Hefner is set to marry his favourite girlfriend Holly Madison.

Playboy mogul Hugh, who shares his infamous mansion with Holly and two other girlfriends, Bridget Marquardt and Kendra Wilkinson, is now reportedly planning to make Holly his wife.

The wedding, which will be 80-year-old Hugh's third, will be aired on reality TV show The Girls Next Door, which depicts life at the Playboy Mansion.

A source told the New York Post newspaper: "This is very secret, but the word is 'yes.' Hef has decided he will marry Holly, and he wants it for his show, The Girls Next Door.

"Hef thinks business all the time, and looks for a new hook, although he also does really love Holly."

Blonde Holly, 27, is Hugh's favourite girlfriend of the three.

The source added: "Hef sees that she is the most dedicated. Kendra is never there, and Bridget is hanging on by being very friendly to Holly."

The wedding will reportedly take place by the end of the year.

Hugh's first wife was Mildred Williams, who he wed in 1949. The couple, who divorced in 1959, have two children, Christie and David Paul.

In 1989, Hugh married Kimberley Conrad, that year's Playboy Playmate. They separated in 1998.