With names like Mariah Carey, Paula Abdul and Nicole Scherzinger all still floating around as possible judges, multiple sources are confirming that music executive L.A. Reid will be on the panel of [article id="1660025"]Simon Cowell's "X Factor"[/article] when it premieres this fall.

Sources tell The Hollywood Reporter that "it's a done deal." [article id="1659927"]Simon Cowell[/article] told MTV News earlier this week that an announcement regarding the judges on the show would be made "within the week."

Reid will reportedly be let out of his contract with Universal Music early and may take a position with Sony Music, who will provide the show's winner a recording contract in addition to the $5 million cash prize. Sources confirmed Reid's departure from Universal to Billboard.

In addition to the news that Reid is joining the show, there's talk that Enrique Iglesias has been approached to host the reality singing competition, according to Deadline Hollywood. Iglesias reportedly was interested in becoming a judge rather than the host of the show, but with his own music career as red hot as ever, he may choose to stick with performing.

A rep for the show had no comment regarding the rumors when contacted by MTV News.

Reid's involvement would make sense, given what Cowell shared with us regarding what he wants in the judges on the panel. "I've got to have people on the panel with me who can judge American talent because I'm 51 years old, I'm British and we've got people as young as 14 entering this competition. So I've got to make sure I've got people sitting alongside me who genuinely know what they're talking about so that we don't lose somebody in the audition process."