IT’S OFFICIAL! Jennifer Lopez & Steven Tyler Are The New ‘American Idol’ Judges!

Fox confirmed the judging panel rumors are true — and there’s even another new twist on Idol this season: an in-house mentor!

It’s really happening! We’ve speculated for months about who will sit on the new American Idol judges panel — and Fox confirmed their choices this morning. Jennifer Lopez, Steven Tyler and Randy Jackson will be on the panel, and Jimmy Iovine, chairman of Interscope Geffen A&M Records, will be the new in-house mentor. Wow!

“For nine years I’ve enjoyed watching artists compete to get a meaningful chance to achieve their dreams,” J-Lo, 41, said during the press conference in Hollywood. “I know from my own experience how hard it is to succeed, and I’m looking forward to discovering and nurturing that spirit in the many American Idol contestants I look forward to meeting this year.”

Later she told Ryan Seacrest she’s ready to find the next king of pop. “I’m concentrating on the moment!” she said. “I’m looking for the next Michael Jackson! I’m so excited!”

Aerosmith’s lead singer, 62-year-old Steven Tyler, said he’s going to be the friendly, nurturing one on the panel this season. Yep, the kooky singer is Idol’s new answer to Paula Abdul.

“I’ve been on tour for most of my life in a band with four guys who judge me every day. Sometimes it hurt, but it only made me stronger,” Steven explained. “I want to give everybody a little love before I decide who goes home heartbroken. If you don’t like what I say, don’t get mad, get better. I’m ready to bring some rock to this ‘roller’ coaster and show these kids if they have the dream, the talent and the drive, they will be the next American Idol.”

Longtime judge Randy Jackson pumped up the crowd, reassuring everyone that season 10 of the hit show will not disappoint.

“I can’t believe it’s been 10 years of the greatest show in the world,” he said. “I am looking forward to this next season; we are going to knock it out of the park. Season 10 is going to be hot!”

Former Idolists have been reacting to the news with positive feedback.

Season six runner up, Blake Lewis, can’t wait to be watching the new season when it starts in Jan.

“The judges are fresh for the 10th season of Idol,” he said in a statement. “I am ready to see Jennifer Lopez and Steven Tyler take over. I love that this season’s panel now includes judges who have made a career as performers and I can’t wait to see what antics these two will bring to that table. As long as this year’s contestants are diverse and true to the stage, I’ll be in the front row of my living room just like the rest of America.”

Danny Gokey tweeted about his celebrity crush. “JLo is so beautiful…Part of me wishes I would of tried out for American Idol this season just so I could sing to her… ;),” he wrote.

Taylor Hicks tweeted: “Congrats to the new judges J-Lo and Steven Tyler and Jimmy I! Good crew there!!”