If the rumours prove to be true, the Hold It Against Me singer will become the highest paid reality TV judge, overtaking Jennifer Lopez who is currently earning a cool £7.5million on American Idol.
Commenting on the allegations, a US XF insider told E! News: "Both camps were back and forth on the money but now they have finally come to agreement on the fee."
A separate source also told US Weekly that Britney was a "natural fit" when it came to joining the panel, adding: "No paperwork has actually been signed yet. But they finally came to terms. It was a long negotiation."
Despite these new reports, a representative for The X Factor USA has declined to confirm whether the pop princess will be taking her seat on the show, stating: "We still refuse to confirm any talks at this time."
Last month, it was suggested that Britney wanted a one-year out clause in order to be a judge on the series, with a source telling Hollywood Life: "[Executive producer] 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."