Aerosmith frontman Steven Tyler stunned “American Idol” fans this week after he announced that he would be leaving the show.

“After some long...hard…thoughts…I’ve decided it’s time for me to let go of my mistress American Idol before she boils my rabbit,” Tyler said in a statement.

However, the bombastic Tyler is not the only ‘Idol’ judge who will be moving on.

On Friday, July 13, Jennifer Lopez confirmed that she, too, will be ending her stint as a judge on the American talent show.

“I honestly feel the time has come that I have to get back to doing other things,” an emotional Lopez told Ryan Seacrest on his “On-Air” radio show on Friday.

Both announcements came as the ratings for “American Idol” continue to fall – a problem that has plagued the show since Simon Cowell’s exit in 2010.

Based on the U.K. show “Pop Idol,” “American Idol” debuted in the United States in 2002 and quickly became a hit.

By 2005, “American Idol” had become the biggest TV reality show of its type in North America. “Idol” also held the No. 1 spot on the Nielsen ratings for seven consecutive seasons.

Fans, of course, are now placing their bets on who will replace Tyler and Lopez.

Singing diva Mariah Carey has been rumoured to be a potential panelist for the show, as has former “Idol” runner-up Adam Lambert.

Other names circulating in the press include Katy Perry, Jon Bon Jovi, Miley Cyrus, John Meyer, Fergie, Will.i.am and Kelly Clarkson.

Even 68-year-old rock icon Mick Jagger has been bandied about as a potential judge, although such rumours have yet to be confirmed by Jagger’s reps.

Whoever is chosen to replace Tyler and Lopez, a keen wit and the courage to tell it like it is to contestants is what “Idol” fans will be looking for in Season 12.