Did Britney back out of plans to work with JT?

From the New York Post today:

Britney Spears reportedly backed out at the last minute from recording a duet with her old flame, Justin Timberlake - and the inexplicable decision last month has suits at her record label, Jive, very worried. The duet, which was to be produced by hit-maker Timbaland at his studio in Virginia Beach, could have started a big comeback for the troubled pop tart, who peaked before she had two marriages and two kids. A music industry source said Timberlake wrote the duet specifically for Spears. Although they wouldn't be together in the studio, his voice would have been mixed with hers later. "Timbaland set aside a week out of his crazy schedule to do this - and then, just before she was supposed to fly out, Britney abruptly canceled the session and refused to do the song. It's crazy," said the insider. "She's looking for a comeback, and this would have not only been a huge hit, but something she could have opened the MTV Video Awards with and really blown everyone away." Another insider said, "Listen, everyone is worried. In her mind, her album is done and she's done enough work... She's an easy target right now, because she's...sick. People like her are sick. It's like an anorexic who's sick in the head and needs help. She needs help. It's sad because what she's got - and we've heard it's like bipolar disorder - can be treated with medication, but she won't do it." There's concern that Spears, now without a great song to perform, will bomb at the VMAs, which would have been her crucial comeback appearance. Reps for Jive and Timberlake refused to comment.