Facebook Connect Follow us on Twitter and win an iPad 3
Britney Spears: Judge for "X Factor"

After months of eight-figure negotiations, the pop star has finally signed her contract to join Simon Cowell and L.A. Reid as a judge on "The X Factor." Spears will get $15 million for one season's worth of work.

She had agreed in principle to the deal weeks ago and had spent the last several days working out the fine print.

For the first season of the hit singing competition (which originated in the UK), American Idol judge Paula Abdul and Pussycat Dolls singer Nicole Scherzinger were part of the elite judges group, but parted ways shortly after the first season ended.

"She's ready for this," a close friend of Spears revealed to E!. "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 is still in the works to find a fourth judge and rumors surfaced that he was negotiating with former Disney stars Miley Cyrus and Demi Lovato, but neither have confirmed.