Britney Spears is going to be a judge on Simon Cowell's 'X Factor'

It's finally official: Britney Spears is coming to "The X Factor."

The 30-year-old pop star signed a one-year contract worth $15 million to be a judge on Simon Cowell's reality singing competition show, following months of eight-figure negotiations, according to E! News.

"She's ready for this," a source told E! News. "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 has reportedly sought Spears since the end of the Fox show's first season last December, when he canned almost all of the on-air talent - including judges Paula Abdul and Nicole Sherzinger and host Steve Jones - after a less-than-stellar debut season. He had previously said that anything less than an "American Idol"-level 20 million viewers weekly would be a disappointment. The show averaged around 12 million.

The gig is Spears' first foray into TV since her disastrous 2005 reality show "Britney & Kevin: Chaotic," which was panned by critics and lasted less than a month.

A rep for Spears didn't return requests for comment.