The announcement was made on Tuesday morning (16 June) following months of speculation over who would replace Louis Walsh and Mel B on the panel.
Rita said: "I am excited to be coming back to The X Factor – I had a ball here in 2012. This is a journey I can't wait to embark on to find some talented singers. Its the new generation taking over. Booooom."
The 'Hot Right Now' singer appeared on the show as a guest judge in 2012.
Nick said: "I love X Factor and have watched the series religiously since it started, so obviously I'm hugely excited to be joining the show. Music is my job and my passion and I'm really looking forward to seeing what talent we can find and nurture this year. I can't wait for Judges Houses in Oldham!"
Rita and Nick will judge alongside Cheryl Fernandez-Versini and Simon Cowell on the 12th series of the ITV show, which starts later this year.
It's hardly a surprise to anyone considering Rita and Nick – who are close friends - had been strongly linked to the positions for several weeks.
Departing judge Louis Walsh had even confirmed: "Nick's got my job. I've flat out left. I'm not going back to the show, absolutely gone."
And Nick had said he would be open to the role as long as it didn't interfere with his job on BBC Radio 1 Breakfast Show: "I wouldn't risk my job at Radio 1 but I think I could do both. I don't see why I couldn't do it. I don't think it would contradict my show on Radio 1. I think they would complement each other."
Rita, meanwhile, was rumoured to have been offered a £1.5 million pay day to leave her coaching role on The Voice UK and switch sides to X Factor.
She said just last week: ""It is very complimentary, of course. Watching a bidding war makes me feel special. I'm not going to get in to whether I have been made an offer but it is nice to even be rumoured to be in the running."
On the presenting side of things, we already knew Caroline Flack and Olly Murs would be taking over from Dermot O'Leary as presenters of the main show.
Meanwhile, on Xtra Factor, DJ Sarah-Jane Crawford has left and her replacement has yet to be announced.
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