Britney Spears has one album left on her long-term contract with Jive Records, which was folded into RCA and is now a division of Sony. That means Brit Brit is thisclose to being a free agent for the first time in her career. Her market value will likely be high and she'll be a sought-after property.

However, she will be able to test the waters on the open market and decide if she wants to re-up with RCA or start fresh somewhere else, like with her 'X Factor' cohort L.A. Reid's Epic Records or at Barry Weiss' IDJ, since she has 15 years of history with him. Tough choices lie ahead for Brit and her team.

We'll break down some of the pros and cons of each sitch for Brit Brit.

Billboard reports that both Reid and Weiss are vying for Spears, who has racked up 100 million in sales over the course of seven albums. Considering how many copies she sells, her $3 to $5 million album budgets, which include recording and promotion, make her a lucrative and desirable addition to the label rosters.

Word is that Spears has warmed up to Reid during 'X Factor' auditions, even swapping seats with fellow Season 2 newcomer Demi Lovato so she could sit next to the Epic Records head honcho. Reid has been running Epic for a year, but has failed to produce a major hit during his regime, so he is hot after Brit, who would bring him ready-made hit status. He's using his position – literally, since she is seated to his left -- to court the singer.

Weiss, who took over for Reid at IDJ, has admitted that he would like to reteam with Brit and recreate past magic and then some. Sources says that Weiss and Spears had direct interaction, which is not always the case with artists and label brass, during their tenure together and he falls into a "comfort zone" for her. That could be a hard hurdle for Reid to clear, since Weiss has a decade-plus experience working with Brit and knows the business of Britney Spears better than anyone. Also, divas Jennifer Lopez and Mariah Carey left the Sony fold and enjoyed renewed success at IDJ.

But it's not solely up to the 'Femme Fatale' herself. Her fiancé Jason Trawick helps runs her affairs, after being named co-conservator of her estate along with her father, Jamie. Papa Spears is reportedly on set of the show, keeping a watchful eye on the happenings. Spears' manager Larry Rudolph will also factor into the decision. He is tight with both Reid and Weiss; he manages Avril Lavigne, a new Epic signing, and he worked side-by-side with Weiss when Brit was at the height of her Lolita pop diva powers.

Whatever the case, Brit will be highly sought after by her former label and new ones when she officially becomes a free agent.

Watch the Britney Spears 'Circus' Video