Gossip tells us that Jennifer Lopez will be accepting a position on the American Idol judging panel for $12 million per year. Rumor says that J-Lo tried to hold out for $15 million and a movie deal, but FOX said nothing doing and held firm on their offer.

Lopez doesn’t have a lot of bargaining chips. Her last movie was not successful at the box office, and her longtime label dropped her soon after the flick bombed. We’re hearing that J-Lo has definitely accepted the Idol gig, but wants to postpone the official announcement until her new single can be released in mid-September.

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