Britney Spears' Lawyer Ready to Settle with Jamie Spears

Britney Spears' lawyer has sent an email to the lawyer repping Jamie Spears, hurling numerous allegations against her dad -- opening the door for settlement negotiations -- but we're told Jamie's lawyer wasn't having it, saying he blew it by waiting way too long.

Two sources with direct knowledge tell TMZ ... Mathew Rosengart's email opened with an acknowledgment Jamie was in poor health and this might be an appropriate time to acknowledge his alleged misdeeds during the conservatorship and pay Britney an unspecified sum so the legal dispute could be put to bed.

One of his claims ... Jamie authorized the illegal surveillance of Britney ... specifically her phone. Here's the problem for Rosengart ... he never filed a lawsuit claiming illegal surveillance and the statute of limitations lapsed more than a year ago. Besides that, we're told Jamie's lawyer responded to Rosengart he was dead wrong about illegal surveillance.

Jamie has made a demand for Britney to pay certain attorneys fees he incurred connected with the conservatorship, but Rosengart says that's a no-go. We've learned Jamie's lawyer actually offered a year ago to withdraw that claim if Rosengart withdrew his claims against Jamie, but Rosengart said no. Now, a year later, Rosengart seems ready to talk settlement, but we're told it didn't go over well with Jamie's team because of all the threats and allegations.

Now the case is set for trial in May, and we're told there is explosive evidence that would not be favorable to Britney. Beyond that, some of the biggest claims Rosengart has made will never go to court because the statute of limitations has run, and the conservatorship judge approved some of the expenditures Rosengart is contesting.

Sounds like an uphill climb.