One of the worst kept secrets of the 2012-13 TV season is no longer just a rumor: Fox has confirmed that Britney Spears and Demi Lovato will join the judging panel for season two of "The X Factor."

The official announcement was made at Fox's 2012 upfront presentation for advertisers. "It's going to be so much fun and so different from anything I've ever done. I'm ready to find the true star," Spears said during the presentation.

In a nod to her presumed role of bringing younger viewers to the show, Lovato added, "I'm totally stoked to be here ... I'm excited to represent my generation."

“I'm absolutely delighted Britney and Demi are joining us,” returning judge and "X Factor" executive producer Simon Cowell in a statement. “Britney remains one of the biggest stars in the world, she's talented, fascinating – and I believe she knows exactly how to spot The X Factor.  Demi's had an amazing career in music, TV and film for someone her age. She's young, confident, and enthusiastic. I think it’s really important that she speaks to our younger audience. The new panel will be dynamic and will work really well with the changes we are making to the show.”

Before the announcement was made, Spears tweeted a photo of herself with Lovato, Cowell and L.A. Reid backstage at the event.

"X Factor" is open to "undiscovered talent 12 years old or over – both solo artists and vocal groups" who vie for a chance to win a $5 million recording contract with Syco/Sony Music. One of the show's twists is that contestants audition in front of the judges and a live audience simultaneously.

Season two of "The X Factor" will premiere this fall on Fox