Report: Britney Spears Officially Signs On with 'The X Factor'

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After weeks of rumors, Britney Spears reportedly has agreed to become a judge on The X Factor.

E! News reports Britney signed a one-season contract this week that will pay her 15 million dollars.

A source close to the pop star says, "There's been a lot of back and forth over the past few weeks as they negotiated the small details, but she's on. It's all completed and Britney is beyond excited."

The source also says Britney and Simon Cowell are "very excited" to work together.

Britney will join Simon and L.A. Reid at the judges' table for the Fox singing competition.  Demi Lovato and Miley Cyrus are rumored to be in the running for the final vacant judge's' slot.

Former judges Paula Abdul and Nicole Scherzinger were let go following the show's first season.

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