WILL BRITNEY SPEARS crash dive over her new crush – hunk funkster SIMON’ s love for HIS new GF CARMEN ELECTRA?

 SIMON COWELL is thrilled with gorgeous new girlfriend Carmen Electra – but a jealous Britney Spears is fuming over his romance even though she’s engaged.

As The ENQUIRER reported earlier this year, the 30-year-old pop princess has a major crush on Simon, 53, and that’s why she signed on to join him as an “X Factor” judge.

“Simon has been single ever since he and Britney started working together, but now he’s fallen in love with Carmen and that’s not sitting well with her,” revealed a close source.

“Britney loved flirting and hanging out with Simon, and now she feels cast aside.

“When Simon first told Brit that he has a fabulous new girlfriend, she broke down in tears. It was a totally irrational response, considering she’s engaged to Jason Trawick.”

Meanwhile, Simon appears absolutely thrilled by the new woman in his life.

On Sept. 22, TV’s Mr. Nasty took the former Playboy Playmate to Cecconi’s Restaurant, a Hollywood hotspot, where they were spotting making out. The very next night, they followed up with dinner at Ago, and on Sept. 26, Simon was spotted dropping the 40-year-old “Scary Movie” actress off at her home after a sleepover at his Beverly Hills mansion.

Both are free to date. Earlier this year, Simon ended his engagement to an “American Idol” makeup artist. In May, Carmen ditched her fiance of four years, rocker Rob Patterson.

“Simon’s friends are thrilled for him and hope he finally settles down,” said the source. “But Britney is intensely protective of him and doesn’t think Carmen doesn’t measure up.”