Britney Spears officially signs on to judge 'X Factor'

It’s official, after months of speculation, Britney Spears has signed on to be the newest judge on Fox’s The X Factor.

Spears was the center of constant speculation to join the judging panel alongside Simon Cowell and L. A. Reid. Demi Lovato and Avril Lavigne were in talks to join the panel as well.

E! News confirms that the Femme Fatale has signed a whopping $15 million contract for her first season.

A source tells E!, “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 source added, “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."

Spears is set to replace one of the judging seats after both Paula Abdul and Nicole Scherzinger were released from the show. Simon Cowell, who released both women, said of signing the deal with Spears, “I've learned a big lesson…Keep your mouth shut. Don't give it all away."