It’s official. After weeks of speculation on who would be next to join the judging panel on “American Idol,” Jennifer Lopez and Aerosmith’s Steven Tyler have signed on to judge the reality show competition alongside Randy Jackson on the 10th season of the show.

Following the departure of Simon Cowell, Ellen DeGeneres, and Kara DioGuardi, Fox announced its new trio of judges during a live press conference from The Forum in Los Angeles, with Interscope Geffen A&M chairman Jimmy Iovine slated to appear as a mentor to contestants.

“I’m looking for the next Michael Jackson,” an excited J.Lo said after being introduced by Ryan Seacrest at The Forum. “We’re looking for the best ‘American Idol’ ever.”

The official announcement comes after Lopez signed on to judge for a reported $12 million last week. Other rumored possibilities for judges included Chris Isaak, Shania Twain, Harry Connick Jr., and Elton John.