Miley Cyrus and Demi Lovato Credit: Jon Furniss/

When Simon Cowell's X Factor premieres its second season, fans may see quite a few familiar faces alongside L.A. Reid on the judges' panel.

In addition to Britney Spears -- who is nearing a $16 million deal to appear on FOX's series -- creator Cowell, 51, is also courting Miley Cyrus, E! News reports. Though no offer has been extended just yet, producers are said to be interested in the 19-year-old pop star.

PHOTOS: Simon Cowell and more judges, before they were famous!

Also in the running for the fourth judging spot: Disney darling Demi Lovato, according to The Hollywood Reporter. Should 19-year-old Lovato sign on the dotted line, she'd start her role on the series with the judges' audition rounds that are scheduled to begin at the end of May.

Cowell has been actively searching for talent to replace the X Factor vacancies since January, when judges Paula Abdul and Nicole Scherzinger -- along with host Steve Jones -- were given the axe.

As a show source explains, the series -- which crowned Melanie Amaro as its first champ -- is in need of some serious star power.

Mega-watt talent is needed "badly," says the insider. "You can't have Idol with Jennifer Lopez and The Voice with Christina Aguilera and have X Factor with, um, Paula Abdul."

Tell Us: Who should judge season 2 of X Factor?