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Britney Spears: I'm leaving 'X-Factor'

  • Spears announces she will not be returning to her post as a judge on the reality singing show
  • Spears: 'I've made the very difficult decision not to return for another season'
  • A source tells HLN the pop singer is in talks to do a Las Vegas show
Britney Spears is leaving the "X-Factor" after one season on the show.

Looks like the rumors are true! Britney Spears has confirmed she will not be returning for a second season as a judge on "X-Factor."

"I've made the very difficult decision not to return for another season," Spears tells HLN in a statement. "I had an incredible time doing the show and I love the other judges and I am so proud of my teens but it's time for me to get back in the studio."

Spears was a judge on the singing reality show for only one season with a reported $15 million paycheck. During this season, she mentored 12- to 16-year-old contestants. She added in her statement, "Watching them all do their thing up on that stage every week made me miss performing so much! I can't wait to get back out there and do what I love most."

Read more: Britney's evolution -- Teeny bopper to 'X Factor'

On the heels of this announcement, a source confirms to HLN that the pop singer is interested in a Las Vegas residency and is in serious talks with one of the major casino groups.

According to Spears' rep, Fox has been informed of her decision to leave the show, but the pop star's exit now leaves two judging spots free, after L.A. Reid's departure late last year.

So who will join Simon Cowell and Demi Lovato at the judges table next season? FOX has declined to comment on any speculation, but big names like Rihanna and Katy Perry have been offered up as potential candidates in the past.

Who do you think should take Britney's place? Sound off below!

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