According to E! News, the Aerosmith frontman finalized negotiations late last week to serve as a judge on the tenth season of Fox's hit reality singing competition, which recently lost high profile judges Simon Cowell and Ellen Degeneres.
Fox declined ABCNews.com's requests for comment.
With his penchant for oddball fashion, Tyler would certainly serve as the spectacle "Idol" has lacked since Paula Abdul left her judge's seat in 2009. He has, however, had his share of recent problems. Last August, he tumbled off stage at a concert in South Dakota, injuring himself and forcing Aerosmith to cancel the rest of their summer tour. In December, Tyler checked in to rehab for a painkiller addiction, amid talk that the band was looking to replace him.
But Tyler has since gotten his act together, gotten back to performing (though he just fell off stage again, thanks to Joe Perry) and now, perhaps, is looking to expand his brand with "Idol," a franchise that could benefit from a boost of star power.
"Right now, it sounds very chaotic," M.J. Santilli, who writes MJs Big Blog about the show, told ABCNews.com following Cowell and Degeneres' exit. "You wonder about what's going on behind the scenes. Whether they can right the ship by the end of the month remains to be seen."
At the beginning of September, the judges are expected to take their places at the nationwide auditions. But we may not know who the judges are until the end of this month.
"No one has signed a deal on either side of the camera for anyone to come on to 'American Idol' who wasn't on it last year," Fox Entertainment chief Peter Rice told the media at a Television Critics Association executive session in Beverly Hills on Aug. 2.
Rice presumably is referring also to Nigel Lythgoe, the show's original producer, who left to create "So You Think You Can Dance." It's been rumored that he will return.
Make It Or Break It Time for 'Idol'
"Right now, the show is at a crucial crossroads," Leslie Bruce, a writer for The Hollywood Reporter, told ABCNews.com. "They need to find the right mix of judges.
"The need to have star power may not be as important as the right personality mix," Bruce said, pointing out that Cowell and Randy Jackson were virtually unknown to the American audience when "Idol" debuted.
Where this leaves judge Kara DioGuardi is uncertain. TMZ reported in late July that DioGuardi had been ousted. No one from her camp has yet to comment. And Fox executives dodged the question Aug. 2.
Meanwhile, Aerosmith frontman Tyler made it sound like he's in for Season 10.
"I'm doing it. What do you think? I'm doing it," he said after one of his concerts in Las Vegas in late July, according to People.com.
Jennifer Lopez is also in the running for judges' seat, despite her reported demands for a $20-million-plus payday and a massive styling, hair, and makeup crew, according to E! news.
With nothing nailed down, Santilli believes the rampant rumors will cost the show valuable PR. Bruce agreed.
"There needs to be more control about these leaks," Bruce said, "otherwise they risk being the show that cried judge too many times. They need to get a panel together quietly, then get out there and make the announcement."