TMZ claims that producers could make an announcement as early as Sept. 29.
The producers inked deals with the country superstar and the singing legend just in the nick of time, too, as shooting is said to begin next week.
TMZ's report implies that the show will hardly be a cash cow based on its budget. Katy is making $25 million from the show. Luke, the report states, is set to make $13 million, whereas Lionel is reportedly inked for $10 million. Ryan Seacrest is reportedly making between $10 million and $15 million.
"The show has gone way over the intended budget," TMZ reports. "It's going to be difficult to turn a profit unless the show is an out-of-the-park home run."
For months there had rumors about who would sit on the judging panel. Lionel's name was first reported in June. At the time, TMZ said "Idol" execs loved him and thought he'd be a great fit for the show. Execs supposedly liked his "vibe" and viewed him as a "nice judge."
Luke's name was first floated around in July. In early September it was reported that an offer had been made.