Khloe Kardashian and Mario Lopez are reportedly in the process of signing contracts to be The X Factor's new co-hosts.

Kardashian and the America's Best Dance Crew host are finalizing deals to join The X Factor's currently-airing second season and a formal announcement will be made this week, TMZ reported.

"Those two want to do it, and the show is keen to have them," a source told CNN on Tuesday.

Fox has been airing second-season audition episodes of The X Factor, which premiered September 12, thus far and has only featured Simon Cowell, L.A. Reid, Britney Spears, and Demi Lovato critiquing artists from the judging panel. However, the show will reportedly transition into the host-required live performance shows starting November 1.

Reports that Kardashian, the Keeping Up with the Kardashians and Khloe & Lamar star, had emerged as the frontrunner to serve as the new female co-host of The X Factor began surfacing last month and been followed by similar reports about Lopez.

While Steve Jones ended up hosting The X Factor's first season solo after the show decided to have original co-host Nicole Scherzinger replace Cheryl Cole on its judging panel, Cowell previously stated the second season would feature an entirely new male and female hosting team.

During a September 10 conference call, Cowell told reporters the show would probably select its new co-hosts in "the next seven days."