"I can confirm that, yes, she is engaged," said Sonia Muckle of Jive Records, Access Hollywood reported Monday.
The couple tentatively set Nov. 20 as their wedding date in either Los Angeles or in Spears' home state of Louisiana, Access Hollywood said.
The wedding will be the second for Spears, 22, who married hometown friend Jason Alexander Jan. 3 in Las Vegas. The marriage last 55 hours before it was annulled.
Federline has never been married, but has a 2-year-old child with his ex-girlfriend, actress Shar Jackson. Jackson reportedly is eight months pregnant with the couple's second child.
Federline reportedly has been by Spears's side during her recent knee injury that forced the cancellation of her summer tour and resulted in surgery.
Federline, 26, appeared in the film, "You Got Served."