According to Deadline Hollywood and Us magazine, Lopez locked up a $12 million deal to join the show.
Tyler himself said after a July 31 concert in Las Vegas that he “probably” was going to be an “Idol” judge, clueing in People magazine before the rest of his band mates.
Among those also rumored to be vying for a shot to replace Simon Cowell, Ellen DeGeneres and Kara DioGuardi are: Shania Twain, Harry Connick Jr., Elton John and Chris Isaak, according to People.
Meanwhile, the show has been holding live auditions all summer that have drawn tens of thousands of contestants in places like Nashville, Tenn., and Austin, Texas, The Associated Press reported.
Fox announced Wednesday that it will also begin accepting video auditions via MySpace through Oct. 6.