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It is official - Jennifer Lopez and Steven Tyler are American Idol's new judges. The music icons will sit beside Randy Jackson on the upcoming season of the hit talent search show set to air early next year.

The big reveal came Wednesday afternoon in a live webcast on the show's official website.

Jennifer and Steven join the panel following the departures of Simon Cowell, Ellen DeGeneres and Kara DioGuardi.

Tyler says he is excited to help find new talent.

"I plan on being honest and killing them with love," he said. And his helpful tip for Idol hopefuls?

"Sing like you do when no one is looking!"

JLo is equally as excited and hopes to find the next big star. After a montage of media clips focused on the controversy surrounding her joining the Idol judging panel, Lopez took to the stage and celebrated with fans.

"I'm so excited to be here. I am so excited to work with all of you and watch the journey we are going to take together."

"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."

It had been reported Jennifer had agreed a $12 million deal after bosses allegedly turned down her demands for a $15 million deal.

A source revealed, "I think it was just positioning. In the end, she didn't turn up her nose up at $12 million."

Lopez's manager Benny Medina arranged a meeting between the Jenny From the Block singer and producers in June and she accepted the judging role in July.

She told hopefuls, "It's your moment. Just live in it!!

Category:Aliya Leigh Live - Podcast -- posted at: 11:03pm EDT