Jennifer Lopez will join Aerosmith's Steven Tyler as one of two new judges on the 10th season of Fox's hit show 'American Idol.' Official news of Lopez's deal came on Wednesday (Sept. 22) following weeks of rumors and speculation.

'Idol' host, Ryan Seacrest, formally announced Tyler and Lopez's new positions during a press conference that was webcast live. Following a short video montage -- which highlighted J. Lo's successful albums and even featured clips from her 1997 movie 'Selena' -- the singer took the stage to address the crowd. "You have to concentrate on the moment," Lopez said to her audience. "Do the best you can and just live."

"I'm looking for the next Michael Jackson," she said of her goal for the upcoming season. "Like Randy [Jackson] said, we're looking for the best American Idol ever. I'm really excited. I really am." Lopez, who previously appeared on the show as a mentor, has reportedly inked a $12 million deal for her new post. Along with Tyler, she will replace former judges SImon Cowell, Kara DioGuardi and Ellen DeGeneres. Rumored judges for the coveted spots included Usher, Justin Timberlake and even former 'Idol' staple, Paula Abdul.

Interscope Geffen A&M Records chairman, Jimmy Iovine will also join the 'Idol' team next season as an in-house mentor. Viewers will have the chance to see behind-the-scenes footage of Iovine working with contestants, as part of the show's new partnership with Interscope Records. The label will be responsible for the promotion and distribution of album's by the 'Idol' finalists.