*In a press conference held this morning in Los Angeles, Fox announced its worst kept secret of the summer – the judges for season 10 of “American Idol.”

Jennifer Lopez and Steven Tyler will join Randy Jackson on the panel next season, returning to its original three-member format.

“This is ‘American Idol’!” host Ryan Seacrest said once the new judges joined him on stage at the Forum arena, where the final national audition for next season’s singing contest was held Wednesday. The announcement was made before a crowd of several thousand who had gathered to try out, some cheering loudly for the cameras and all hoping to make it to the next round, when they’ll be judged by the revamped panel. The mini-show was streamed live online by Fox. [Watch below.]

“I’m so excited,” said Lopez, who scored a reported $12 million to join the show. “I’m looking for the next Michael Jackson.”

Tyler said he wanted to join the show because “it’s being a part of something much bigger than yourself. … I want to bring some rock to this rollercoaster and show if you’ve got the heart, the talent, the feeling to do this you could be the next American Idol.”

According to AP, Lopez sported a sparkling silver catsuit and got the full diva treatment as she took the stage clouded in special-effects smoke.