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Britney Spears Is Officially An "X-Factor" Judge

Posted Wednesday May 9, 2012 4:25 PM GMT

After months of anticipation and negotiations, Britney Spears has officially signed a contract to join “The X-Factor's” judging panel.

Sitting alongside the show’s creator Simon Cowell and L.A. Reid, the pop sensation has agreed to a deal that will earn her $15 million for one season.

"The contract is signed," a close friend of Spears revealed to E!. "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."

After the former “American Idol” personality fired judges Paula Abdul and Nicole Scherzinger along with host Steve Jones, he’s been searing for the perfect celebrity replacements to help boost the show’s ratings.

"She's ready for this," the friend continued. "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."

Cowell is still in the works to find a fourth judge and rumors surfaced that he was negotiating with former Disney stars Miley Cyrus and Demi Lovato, but neither have confirmed.

Photo Credit: Getty Images