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Britney Spears Signs 'The X Factor' Judging Deal For $15 Million (REPORT)

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It's official, according to E! News.

The website is exclusively reporting that Britney Spears signed a $15 million contract this week to join Simon Cowell and L.A. Reid on "The X Factor" judges panel for Season 2. Rumors first surfaced about Spears joining the show in early March.

"The contract is signed," a source close to Spears told E! exclusively. "It's all completed and Britney is beyond excited ... 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."

It was also reported recently that former Disney stars (and tabloid regulars), Miley Cyrus and Demi Lovato, are also up for "The X Factor" judges seats that became available after Paula Abdul and Nicole Scherzinger were ousted.

Fergie shut down rumors that she was judging "The X Factor" in Season 2, as did Janet Jackson. It was also confirmed that LeAnn Rimes was in talks to be a potential new judge.

Fox has yet to confirm any news about Spears, Cyrus, Lovato or Rimes, nor has the network named a new host -- or hosts -- that will be taking the stage in Season 2 after Steve Jones was dropped along with Abdul and Scherzinger. "Glee" star Darren Criss recently shut down rumors about hosting the show, while George Clooney's current love interest, former wrestler Stacy Kiebler, is said to be in talks to host as well.

Fox is expected to announce the final details of "The X Factor" Season 2 by the time the network announces its fall schedule on Monday at the annual upfronts presentation.

For more on Britney Spears and "The X Factor," click over to E! News.

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