AceShowbiz -

After weeks of speculation, Britney Spears has finally made it official that she leaves "The X Factor (US)" after just one year serving as a judge. She said in a statement released Friday, January 11, "I've made the very difficult decision not to return for another season."

Saying that she "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," the 31-year-old pop singer added, "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."

Britney, along with Demi Lovato, was added to the judging panel of "X Factor (US)" season 2 to replace Paula Abdul and Nicole Scherzinger. Demi's future on the show is still unclear, while fellow judge L.A. Reid announced in December 2012 that he wouldn't return for a third season.

Britney announced her "X Factor" exit on the same day she confirmed her split from fiance of a year, Jason Trawick. She said in a statement, "Jason and I have decided to call off our engagement. I'll always adore him and we will remain great friends."

Britney is currently working on her eighth album and, rumor has it, she's interested in establishing a residency in Las Vegas, like Celine Dion did.