Britney Spears is close to signing a $16 million deal to become a judge on The X Factor, a source has told US Weekly. "No paperwork has actually been signed yet, but they finally came to terms," the source says, noting that negotiations went on for a long time.

A representative for X Factor has refused to confirm the deal, insisting that "nothing has happened and nothing has changed," and claiming that the report is "wildly exaggerated."

Previous reports indicated that Simon Cowell had offered the pop star $10 million to join the show, which dropped judges Paula Abdul and Nicole Scherzinger after its first season in the hope of landing bigger names. If Spears signs on for $16 million, she would be one of the best-paid stars in reality television, alongside fellow pop stars Christina Aguilera and Jennifer Lopez.

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