Britney Spears Officially ‘On’ To Judge For ‘X Factor’

The fact that Britney Spears has been in talks to become a part of The X Factor judging panel is not new news, but it’s just been reported that the megastar has officially signed on to do just that.

Joining Simon Cowell and L.A. Reid as judges (former judges Paula Abdul and Nicole Scherzinger are out), Spears will receive $15 million for just one season of judging the show’s hopefuls.

A source close to the situation says, “The contract is signed. 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 insider adds, “She’s ready for this. She can’t wait to sit down next to Simon at the judges’ table and give this everything she’s got. She is excited about showing the world that she can do this, and do this well. This is the perfect next stage in her career. Both Britney and Simon are very excited to work together.”

All that’s left is for Cowell to decide who will be the fourth judge, and to find a host. Rumor has it that Miley Cyrus and Demi Lovato are being considered for the judging job. Wouldn’t that be something? Holy Mouseketeer Panel! Too bad they can’t hire both…or can they? I’d watch it.

Update for 5/11/12: According to TMZ, contrary to previous reports, Spears has NOT officially signed the papers just yet, but should be doing so in the next few days. It should be said and done, come this next Monday.