UPDATE: It's official! Fox annouced Sunday that Paula Abdul will be the fourth judge on The X Factor, calling her "America's sweetheart, a world-renowned choreographer and a pop icon." Simon Cowell says in the press release: "This show would never have been the same without Paula and I can't believe I am saying this—I have missed her a lot, and I am thrilled she's on the show."
Looks like the TV reunion we've been hoping for is actually happening.
Sources tell E! News that Simon Cowell is closing negotiations to bring Paula Abdul on The X Factor as its fourth judge. Other judges already in place behind the table are former Def Jam president L.A. Reid, British superstar Cheryl Cole and, of course, Simon.