Kevin Federline is planning a reality show on VH1 with girlfriend Victoria Prince, according to

“Victoria is a big part of the series,” says the source. “They are not engaged, but she lives with him full-time in his place in Encino.”

Britney has reportedly given her approval (heh) of the show.

“Victoria and Britney first met before Britney’s tour at Kevin’s home,” continued the source. “They had a meeting face-to-face, when Victoria was home alone with the kids. It was awkward, but Britney was nice.”

Prince currently watches Sean & Jayden with Kevin as well as taking online graduate classes in communication.

“Victoria actually quit her entry-level job at Fox Sports in L.A. after meeting Kevin,” says the source. “She’s considering returning to volleyball, but isn’t sure.”

A rep for VH1 would not confirm nor deny the project.

Kevin’s reps had not returned E!’s request for comment.

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