Spears, 26, had filed for divorce from the former back up dancer in November 2006. They are currently embroiled in a custody battle over their two sons, Sean Preston and Jayden James.
However, sources say that the two have rekindled their romance together and Spears' expensive gift had helped a lot with the reunion.
The pair reportedly spend a secret Easter vacation in Maui and when they returned, Spears had given Federline the watch as a belated 30th birthday gift.
Her dad Jamie, who is the conservator of her estates, apparently approved of the trip and the gift.
A source tells Britain's Sunday Star, "He personally approved the mini-vacation and birthday present purchases."
"There is nothing more he and Brit's mom Lynne would love than for her and Kevin to get back together. Kevin's whole attude to his ex-wife has changed. He can see she is responding to treatment for her bipolar disorder, staying sober and trying to rebuild her life and career."
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