"X Factor" update: Britney jumps Season 3 ship, calls of engagement, begins working on new projects, while Lovato's future is still up in the air

It's been a busy week.

31-year-old Britney Spears announced this week that she has quit "X Factor" and called off her engagement with former agent and long-time boyfriend Jason Trawick. Spears is now working on her eighth album while reportedly in talks to go on tour or possibly begin a Las Vegas residency, and is attempting to have the health of her beloved dog attended to.

Spears announced in a statement earlier this week that she was jumping ship on "X Factor" after serving as a judge on the show for just one season, where she mentored the Teens category, which included 13-year-old powerhouse Carly Rose Sonenclar. In October, Spears stated that she "definitely" wanted to return for the show's third season, however following reports last month and this month that Spears would likely not be asked by Fox to return, it seems as if Spears is just announcing her resignation before producers have the chance to fire her.

Spears' split with her boyfriend Jason Trawick was also confirmed, after Spears was photographed about a week ago in L.A., missing a ring. The couple confirmed their relationship in May 2010 and have been engaged since December 2011 however it was reported this week that they have decided to call it off. A source stated that they had been sleeping in separate bedrooms and that their relationship had turned into "more of a friendship". Spears said in a statement that she "will always adore him" and that the two "will remain great friends". Trawick added, "I love and cherish her and her boys and we will be close forever". Spears' Yorkshire Terrier, Hannah has reportedly fallen crucially ill and has had several visits to the vet since November. Spears is reportedly attending to the health of Hannah.

In the meantime, with both her romantic and professional lives clear of engagements and singing show commitments, Spears has reportedly begun work on her next album, which will be her first since 2011's Femme Fatalle. She is reportedly working with will.i.am (who she collaborated with on "Scream and Shout", released last month) and producer Hit-Boy, who produced Kanye West and Jay-Z's "In Paris". Spears is reportedly considering going on tour following the completion of the album.

While reports are saying that a tour will be imminent following the album's completion, Spears is reportedly in negotiations to join the romp of acts (including Celine Dion, Elton John, Bette Midler, Cher, Rod Stewart, and most recently Shania Twain) who have performed headlining residencies at The Colosseum at Ceasar's Palace in Las Vegas. Reports are saying that Spears is in "serious" negotiations to headline a show at The Colosseum entertainment venue and perform a residency there. Traditionally, residencies at The Colosseum last anywhere between 2 and 5 years and bring in hundreds of thousands of dollars per night. Currently, Celine Dion (Celine), Elton John (The Million Dollar Piano), Rod Stewart (Rod Stewart: The Hits), and Shania Twain (Shania: Still the One) are performing residencies at The Colosseum, however Dion's, John's, and Twain's residencies are expected to end sometime next year, and Stewart's is expected to end this year, which will leave an empty stage by the end of 2014, allowing Spears to begin her residency there in late 2014, which will give her enough time to promote her new album and go on tour. Spears' managers are reportedly "very interested" in creating a residency for Spears, while Ceasar's Palace has reportedly been interested in having a Britney residency for awhile.

In the meantime, there's no word on whether 20-year-old judge Demi Lovato will return to the "X Factor" judging panel this year. Following L.A. Reid and Spears' exit from the show, some reports are saying that Lovato may be fired, with the producers wanting to hire all new judges (with exception of Simon Cowell), while other reports are saying that producers want to keep Lovato due to her cheap $1 million pay and her attraction of the teen age demographic to the show.

What do you think about Britney's departure from "X Factor" and her possible Vegas residency? Do you think Demi Lovato should return to "X Factor" next season? Let us know in the comments below. And be sure to follow our brand new Twitter account, @firststopnews.