Jennifer Lopez and Steven Tyler Join ‘Idol’

After months of rumors and speculation, American Idol finally announced its two new judges on Wednesday, with Ryan Seacrest confirming in a live press conference that Jennifer Lopez and Steven Tyler will join the musical juggernaut in season-ten.

After the Aerosmith frontman, 62, was introduced on stage, J.Lo, 38, emerged from a cloud of smoke (wearing a glittery suit,) to exclaim she is “so excited” about her new gig.

“I’m looking for the next Michael Jackson,” she told the cheering crowd. “We’re looking for the best American Idol ever!

Lopez reportedly inked a $12 million deal with producers, even after she allegedly made diva-esque contract demands.

The new Idol establishment comes after three judges jumped ship after last season. In July, Ellen Degeneres announced she quit and songwriter Kara DioGuardi was reportedly let go Idol’s biggest star, judge Simon Cowell, ditched Idol to helm the U.S. version of X-Factor.

Do you approve of Idol’s new judges? Let us know in the comments.