Kara Dioguardi is officially out, and Jennifer Lopez is reportedly the new judge on FOX’s “American Idol.”

According to TMZ, Lopez has finally inked a one-year contract with the show for “a little more than $12 million” and is expected to join the judging panel as soon as next week, just in time for auditions. 

FOX declined FOX411.com's request for comment.

Aerosmith singer Steven Tyler has also been rumored to be joining the show, to the consternation of band mate Joe Perry, who reportedly called such a move "one step above Ninja Turtles."

The only remaining original judge is Randy Jackson. Judges Simon Cowell and Paula Abdul have both left the popular televised singing contest.

Original host Ryan Seacrest is still emceeing the show.