Britney Spears Signs On To Judge The X Factor Season 2 (Report)

Two months after reports surfaced that Britney Spears was close to signing on to judge on "The X Factor," a source is now telling E! News the pop star has finally signed on the dotted line.

"The contract is signed," a source close to the singer told E! News, in a report published online on Wednesday. "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."

PLAY IT NOW: Simon Cowell Dishes On ‘The X Factor’ Judge & Host Replacement Rumors

According to the source, the pop star, whose last album, "Femme Fatale," dropped in 2011, is looking forward to taking her seat alongside Simon Cowell and L.A. Reid. (Paula Abdul and Nicole Scherzinger parted ways with the show earlier this year.)

"She's ready for this," the source added. "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."

VIEW THE PHOTOS: The Verdict Is In! Judges Of Reality Television

Back in February, Simon Cowell told Access Hollywood's Billy Bush for "The Billy Bush Show," how intrigued he was by the pop princess.

"I'm fascinated by [Britney.] The fact that she's one of the most talked about - not just pop stars - but people in the world today, means that you've got this star power," Simon told Billy when asked about the rumors of Britney joining the show - stressing at the time, that he could neither confirm nor deny who he and the show's producers have spoken with.

"This girl has got resilience," he added. "I would think that if she's managed to sustain a family, a career, which is tough, ['X Factor' would be] a walk in the park."

VIEW THE PHOTOS: Britney Spears’ Early Years — A Look Back!

Deadline previously reported that Britney was being coaxed to join in with a cool $10 million, but on Wednesday, E! News put her payday at $15 million for just one season.

When contacted by Access Hollywood on Wednesday about the report, a rep for FOX, the network that airs "The X Factor" had no comment.

VIEW THE PHOTOS: Pop Princess Britney Spears

Copyright 2012 by NBC Universal, Inc. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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