The "Womanizer" singer will collect $15 million overall for the gig — approximately $13 million to judge music-industry aspirants alongside Cowell and record executive L.A. Reid, and the rest as a bonus for performing on the show, an individual with knowledge of the deal told TheWrap.
Also read: Britney Spears Rejects $10M Bid to Judge "X Factor" — She Wants $20M! (Exclusive)
The deal has been agreed upon, but has not yet been signed. Spears is still under a conservatorship following her mid-2000s breakdown, with her father, Jamie Spears, serving as her guardian.
Fox had no comment for TheWrap on this story, and a spokeswoman for "The X Factor" refused to confirm that the show is in talks with Spears. Spears' manager has not yet returned TheWrap's call for comment.
As reported exclusively by TheWrap in March, Spears rejected a $10 million offer to judge on the show, and instead was seeking $20 million for the gig.
Though Spears won't be getting exactly what she was hoping for, the singer's payday does compare favorably to her soon-to-be peers in the music-competition arena: Christina Aguilera is raking in upwards of $10 million to mentor the current second season of NBC's "The Voice." And Spears' "X Factor" predecessor, Paula Abdul received a relatively paltry $2.5 million to judge on the first season.
The individual told TheWrap that, as of Tuesday night, the "X Factor" and Spears camps were still weeks away from a deal, with "X Factor" looking for ways to trim its budget so it could present a more favorable offer for Spears. However, reports Tuesday night that the two sides had already reached a deal spurred the parties to come to an agreement earlier.
Following its first season, which failed by a long shot to perform up to Cowell's predictions, "The X Factor" went into full meltdown mode, firing judges Abdul and Nicole Scherzinger, along with host Steve Jones. Cowell has said that the second season will feature two judges, preferably a male and a female.