Simon Cowell confirms Britney 'X Factor' talks

Simon Cowell has confirmed he is in talks with Britney Spears about a judging position on 'The X Factor'.

The 52-year-old music mogul needs to fill two seats on the panel after Pussycat Doll Nicole Scherzinger and singer Paula Abdul were dropped from the show after just one season, and has finally admitted one of the replacements will hopefully be Britney.

Talking to TMZ.com, he admitted he could not reveal too much about the negotiations, but said he is expecting to hear back from the 'Toxic' singer's people within the week.

He said: "I would love to have her on the show ... I think she would be a fascinating person to sit next to."

One of the sticking points delaying the agreement has previously been cited as the number of series she would have to commit to.

A source said: "Money is not an issue for the show. As of now, they are looking to pay her $12-15million for the first season, with a drastic price hike for a second year based on ratings performance.

"Simon Cowell wants at least a two-year commitment and Britney wants an out clause if she doesn't want to continue after one year of service."