Britney Spears has finally inked a deal to appear on the next season of “The X Factor” alongside L.A. Reid and Simon Cowell. According to E! Online, the singer will reportedly receive a whopping $15 million for her participation in the show. The deal comes after months of negotiations and Internet speculation.

In addition to making her lots of money, the show will also mark Spears first foray into primetime television. And, yes, I am painfully aware of her show “Britney & Kevin”, though I think everyone — Spears and Federline included — would love to forget about that one. I’ll rephrase that statement and say that this will be the singer’s first foray into legitimate television, though I’m sure there plenty of people out there who would love to define the word “legitimate” for me.

After the first season of his Americanized version of “The X Factor”, mastermind Simon Cowell systemically cleaned house, famously firing judges Paula Abdul and Nicole Scherzinger in order to make room for some new blood. Host Steve Jones wasn’t immune from the restructuring; he, too, was canned along with the aforementioned judges. No word yet on who will take the fourth seat, though Miley Cyrus and Demi Lovato are names that have been tossed around as of late. Cowell’s ultimate goal with these maneuvers is to drastically increase the show’s viewership.

“She’s ready for this,” an insider explained. “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.”

Do you think Britney Spears will be a good fit for “The X Factor”, or has Cowell completely lost his mind? Let us know what you think in the comments section. Before doing so, have a look at what a few individuals are posting about the news on Twitter. They won’t change your life, but they’re entertaining nonetheless.