Pepsi: "Britney is at cutting edge of entertainment"

"It's such an honour," she said. "I'm a big fan of Pepsi products and Pepsi commercials.

"My life and my career have been blessed. The chance to follow some of my heroes - some incredible performers - and create something new with the innovative people at Pepsi is very exciting for me."

Dawn Hudson, Pepsi's senior vice president of strategy and marketing, said: "Britney is on the cutting edge of contemporary, popular entertainment.

"She's youthful, inventive, optimistic and fun-loving - the ultimate fit with brand Pepsi."

Other sponsorship deals

Spears' deal is likely to be more in line with current star sponsorships such as golfer Tiger Woods, who will reportedly earn $100m (�68.75m) over five years in a contract with Nike sports clothing.

Wimbledon winner Venus Williams has also just signed a contract reportedly worth $40m (�27.5m) with Reebok.

Other Pepsi promoters include British pop stars Robbie Williams, The Spice Girls and Boyzone.

Spears, who is nominated for Grammy Awards in Best Pop Vocal Album and Best Female Pop Vocal Performance categories later this month, already has sponsorship deals with footwear company Skechers.

The first Spears television commercial is expected to debut during the Oscar ceremony on ABC television.