The speculation and rumors that have floated around for weeks have been confirmed. Britney Spears reportedly has agreed to become a judge on The X Factor.

E! News is reporting that Britney signed a one-season contract that will pay her 15 million dollars. A source close to Britney says that her and Simon Cowell are "very excited" to work together.

Britney will join Simon and L.A. Reid at the judges' table for the Fox singing competition. Demi Lovato and Miley Cyrus are rumored to be in the running for the final vacant judges' slot.

Former judges Paula Abdul and Nicole Scherzinger were let go following the show's first season.

Do you think that the second season's judges--Britney, L.A. Reid, Simon and the rumored Demi/Miley toss up--will increase ratings? Who would you like to see as a judge?