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Britney Spears has finally signed on the dotted line and will officially be joining The X Factor judging panel next season, confirms E! News.

For months, it has been rumored that Britney was thisclose to joining Simon Cowell and L.A. Reid as a judge on the hit reality show. But the singer has finally committed to the project and will offer her musical insight to the crops of young contestants.

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The X Factor cast was left in disarray at the end of their first season after they fired host Steve Jones and judges Paula Abdul and Nicole Scherzinger.

With the hiring of Britney and the rumors of Demi Lovato, or possibly Miley Cyrus, filling the fourth seat on the panel, it seems that the producers are aiming for a younger audience.

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As for who will host the show, that is still up in the air. Glee star Darren Criss had been rumored to be a contender, but Darren shot down those rumors at this week's Met Gala telling OK!, "I just don't have time, but I am flattered that my name was even mentioned in that world."

E! previously reported that Britney would receive $15 million for just one season. "The contract is signed," reveals a source close to the singer. "It's all completed and Britney is beyond excited."

"She's ready for this," the insider continues. "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."

The fourth judging spot is expected to be announced before the FOX Upfronts at the end of the month.

Are you excited to see Britney on The X Factor? Who would you like to see take that fourth slot?

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