Lopez And Tyler Confirmed As New American Idol Judges

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September 22, 2010 | 1:35pm EST

Jennifer Lopez and Steven Tyler have officially been unveiled as the new American Idol judges.

Rumors about who will replace exiting judges Simon Cowell, Ellen DeGeneres and Kara DioGuardi on the forthcoming season of the show have been swirling for weeks, with Harry Connick, Jr., Shania Twain and Chris Isaak being named as possible new additions alongside Lopez and Tyler.

Reports surfaced last week suggesting Lopez had finalized a one-year deal worth a whopping $12 million and TV producers confirmed the news on Wednesday in a live broadcast from The Forum in Los Angeles.

Lopez and Tyler will join the only remaining original judge, musician/producer Randy Jackson, on the panel when the talent contest returns to U.S. screens next year.

Taking the stage in L.A., Lopez said, “I’ve watched this show, I’ve seen it grow… I’m so excited. It’s about concentrating on the moment… do the best you can, and just live, just live – it’s your moment.”

But the star warned wannabe contestants she’s not looking for just any singer: “I’m looking for the next Michael Jackson, we’re looking for the best American Idol ever. I’m excited, real excited.