Ryan Seacrest announces new panel at press conference

Jennifer Lopez and Aerosmith star Steven Tyler have been unveiled as the new American Idol judges.

The pair will join Randy Jackson on the panel of the hit US show.

The announcement was made at a press conference in LA by host Ryan Seacrest.

Jennifer, 41, will reportedly be paid $12million (£7.7m).

‘We’re looking for the next Michael Jackson,’ she says.

Simon Cowell, 50, Ellen DeGeneres, 52, and Kara DioGuardi, 39, quit the show earlier this year.

American Idol will return to US TV in January 2011.