UPDATED: The Results Are In! Jennifer Lopez, Steven Tyler & Randy Jackson To Fill 'American Idol' Judges' Seats

After months of speculation, the judges for the upcoming tenth season of “American Idol” have been officially announced. Jennifer Lopez and Aerosmith frontman Steven Tyler will fill the famous seats formerly occupied by “Idol” originals, Simon Cowell and Paula Abdul, while Randy Jackson will remain on the bench for his tenth season of the reality singing competition.

In addition, super-producer Jimmy Iovine, chairman of Interscope Geffen A&M Records and co-founder of Beats Audio, will join the show as an in-house mentor. Throughout the season, “Idol” will go behind-the-scenes to feature Iovine lending his expertise to the contestants as they compete to become the next “American Idol.”

“Idol” host Ryan Seacrest announced the new judges via a live press conference on the show’s official website on Wednesday morning.

“You can do anything you want in this life, but you just have to concentrate on the moment, do the best you can, and just live,” the “Louboutins” singer told the live audience, to rousing applause. “I’m so excited - I really am!”

Steven Tyler admitted at a press conference following the announcement that this new role is a “dream come true.”

“At first [my bandmates] were jealous — they heard it from the press, and not from me,” the rocker told reporters at a press conference on Wednesday. “Things go up and down… I’ve been on tour with these guys for 40 years, and they’ve been judging me every day. And so, you know, sometimes it hurt --a lot of times, most times I came out through a wormhole stronger.”

As for Jennifer’s rumored diva demands, the triple threat sensation said she’s “used to it.”

“I’m used to speculation,” she said. “The truth always shows itself in who you are — and so I wasn’t really worried about it, to be honest.”

“The Back-up Plan” star also added that she and her husband, Latin singing superstar Marc Anthony, are looking forward to keeping their 2-year-old twins Max and Emme in one location for a while.

“Our life is so much about traveling — as artists you just… everywhere every week — and this is gonna put us here for like six months which is unheard of for us,” Jennifer laughed. “So we’re really excited. The babies can like, go to dance class and soccer practice. We’re excited about, you know, being a little bit of a normal family for a while.

As previously reported on AccessHollywood.com, the judges’ table was uprooted over the summer when Ellen DeGeneres announced her departure. Earlier this month, Kara DioGuardi confirmed she too was leaving the show. And, of course, Simon Cowell left the show at the conclusion of last season.

“American Idol” returns to FOX for its tenth season in 2011.

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