Britney Spears is close to signing a $16 million contract to be a judge on "The X Factor," a source told Us Weekly.

"No paperwork has actually been signed yet," the source told the magazine. "But they finally came to terms. It was a long negotiation...Britney was a natural fit."

The show has not confirmed the deal with the pop diva.

Simon Cowell cut judges Paula Abdul, Nicole Scherzinger and Steve Jones from "The X Factor" panel in January. It was said he was looking for a big name female star on the panel.

If Spears joins the show, she will become one of the best paid stars in reality television together with Christina Aguilera and Jennifer Lopez who currently judge on "The Voice" and "American Idol," respectively.

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