(Cover) - EN Showbiz - Britney Spears and Demi Lovato are elated to be judges on American talent show The X Factor.

After months of rumours, the singers confirmed on Monday at Fox Upfronts in New York City that they will indeed be joining Simon Cowell's judging panel.

Britney revealed at the press conference that she can't wait to discover the next pop superstar.

"I'm so excited about this whole experience," Britney gushed. "It's going to be so much fun and so different from anything I've ever done. I'm ready to find a true star."

Demi is equally exhilarated by her new role.

"I am totally stoked to be here," Demi said. "I'm excited to represent my generation and I'm ready to find the winner."

Demi and Britney have replaced Nicole Scherzinger and Paula Abdul, who left The X Factor last year. The songstresses will sit alongside Simon and music producer L.A. Reid on the panel.

Britney Spears is said to have signed a $15 million deal to take up this position.

The X Factor's newest season will premiere in the fall. (C) Cover Media