Lopez Joins American Idol As Judge For $12 Million

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September 14, 2010 | 5:25pm EST

Jennifer Lopez has sealed a one-year deal with American Idol bosses to join the judging panel on the hit TV show – pocketing a whopping $12 million in the process, according to reports.

The singer/actress has spent much of the summer in negotiations to appear on the talent contest as one of the replacements for exiting judges Simon Cowell, Kara DioGuardi and Ellen DeGeneres when Idol returns to U.S. screens next year.

It was alleged she had been ruled out of the running in July due to financial issues, but new reports suggest Lopez has now reached an agreement with American Idol executives and is onboard for the upcoming 10th season.

And she isn’t wasting any time – Lopez will sit at the judges’ table for auditions next week, according to Internet gossip.

Aerosmith’s Steven Tyler is said to be the other big addition to the panel – he reportedly signed on for the show last month but has yet to confirm his decision.

The only existing Idol judge on the panel will be musician Randy Jackson.