According to Deadline.com, Britney Spears has been offered $10 million to judge the singing competition, $2 million less than the salary Jennifer Lopez was reportedly paid for her American Idol gig.
Britney's fiance Jason Trawick is handling the negotiations for the deal, according to The Hollywood Reporter.
During a February 22 press conference, Simon stated that the new judge would be announced in the coming weeks. Janet Jackson and Mariah Carey have also been rumored to be on the short list of possible replacements.
While Carey may still be in the running, Jackson politely declined the invitation, saying she was "very flattered that X Factor let [her] know that [she] was being considered for next season, but it just wouldn't be possible."
The first round of auditions for The X Factor began March 1.