Lionel Richie is reportedly being eyed to join the judging panel of 'American Idol'

However, it remains unclear whether the ex ecutives behind 'American Idol' have approached the music icon with a financial offer.

What's more, their interest could be compromised by the eye-watering agreement they've already struck with Katy Perry, which has seen their intended budget shrink significantly.

Meanwhile, Randy Jackson recently revealed that 'American Idol'

producers wanted him to take Ryan Seacrest's job as the show's host.

The Grammy Award-winning star initially appeared on the programme as a judge back in 2002, but said he was being eyed to present the show by its producers.

He explained: "They wanted me to take Ryan Seacrest's job, because they said 'Look man, look, you got it. You know how to do it, dog'."

But Randy said that out of loyalty to his friend Ryan - who now co-presents the talk show 'Live with Kelly and Ryan' alongside Kelly Ripa - he declined the lucrative offer.

The music producer shared: "I would only host with Ryan. He's my friend. You know let's see - Kelly and Ryan [on 'Live with Kelly and Ryan!'] , Ryan and Randy. Oh man. It's gonna work man. I feel it!

"Listen, it's a great show. I think it's still the best of its kind ever, so I'm really happy, you know what I mean? It's a great, great show. I'm sure it's gonna be fun."