After the first season of 'X Factor' wrapped, Simon Cowell wasted no time cleaning house, quickly dismissing fellow judges Paula Abdul and Nicole Scherzinger. Now it seems he's found a replacement for one of them: Britney Spears.

Multiple sources tell E! News that Spears is about to sign a contract that will net her $15 million a year. In addition, her fiancee and former agent, Jason Trawick, will become one of the show's producers.

An insider said:

"[The money] was the big sticking point and now, thankfully, it's been sorted. All they need to do now is work out the smaller points. The fact the money is now set, means that there is nothing stopping this from becoming a reality."

The deal will make Spears television's highest paid reality show judge, topping the $12 million 'American Idol' judge Jennifer Lopez earns. Assuming everything goes as planned, Spears will begin her 'X Factor' work next month.

"It'll be a fun project and she is welcoming the chance to mentor up-and-coming artists," said someone familiar with the negotiations. "She loves the idea of helping emerging talent get the recognition they deserve and is really looking forward to being on the show."

No word yet on who the other 'X Factor' newcomer will be. "Simon really wanted Britney confirmed first," the insider said. "Once she signs, he can make the final preparations."