Credit: Jamie McCarthy/

As has previously reported, Jennifer Lopez and Aerosmith's Steven Tyler will join Randy Jackson as American Idol judges next season, Ryan Seacrest announced Wednesday in Los Angeles.

The two singers will replace former judges Simon Cowell, Kara DioGuardi and Ellen DeGeneres.

"I'm looking for the next Michael Jackson. Like Randy said, [we're looking] for the best American Idol ever. I'm so excited," Lopez said. "I really am."

An insider told Us Lopez, 41, will reportedly receive a $12 million paycheck for her participation in the show's 10th season. (She almost dropped out, but negotiations "ended up working out, and they have a good agreement," the source told Us.)

As for Tyler, 62, the hire is hardly a shock. He said in August that he "probably" will be sitting at the judges' table.

Tell Us: Will Lopez and Tyler be good Idol judges?