The music mogul, who confirmed last week that he wants the 'Criminal' singer on the show, said that talks are ongoing but he is hopeful that a deal will be reached soon.
"I would love to have her on the show," Cowell said in a call to TMZ.
"I think she would be a fascinating person to sit next to."
Cowell went on to say that he expects to confirm Spears's involvement in the show within the next week.
Former X Factor USA judge Nicole Scherzinger has said that she is rooting for Spears to join the show.
> Britney Spears, 'The X Factor' USA reach breakthrough in talks