UPDATE: JLo and Steven Tyler Confirm They're Leaving 'Idol'

By CHANDRA PRICE

UPDATE: After two years with American Idol Jennifer Lopez confirms that she will be leaving the show in an interview with the show's host, Ryan Seacrest, on Friday. JLo tearfully confirmed to her co-worker Ryan that she is in fact making her exit from the show.

The mom-of-two says: "Ryan you know this more than anybody... I really have been torn. I didn't know I would be so moved emotionally by working on the show... the contestants. It was super tough to decide... as the kids get a little bigger... it seems like a lot and something had to give. I really was dreading this phone call with you... you're gonna make me cry."

She confirms to her pal: "I honestly feel like the time has come that I have to get back to doing the other things that I've kind of put on hold, because I love Idol so much."

Have a listen and tell us who you think should replace JLo in our commenting section below!

And, on Thursday, she all but confirmed to "Today" that she thinks it is time for her to move on from the reality TV show. "I think it's time for me to go," the songstress reveals when questioned on the morning show on whether she'll be back for "Idol"'s 2013 season. "It's a huge decision, but I have to say there are so many things I do that I put on hold for that. It's a heartbreaking decision if I have to go."

There has been much speculation about the news, with JLo dropping subtle hints over the last few months. But she made it quite clear in her interview on Thursday that she thinks she's made up her mind: "I love everybody, I love the guys, but I am thinking it’s time for me to go and do other things I love to do like films and journeys."

Hot off the heels of JLo's announcement on "Today", her fellow "Idol" judge Steven Tyler confirms his departure from the series. In a statement from Fox, Steven says: "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."

"I strayed from my first love, AEROSMITH, and I’m back – but instead of begging on my hands and knees, I’ve got two fists in the air and I’m kicking the door open with my band," he continues. "The next few years are going to be dedicated to kicking some serious ass – the ultimate in auditory takeover…On Nov. 6, we are unleashing our new album, "Music from Another Dimension" on the Earth, Moon, Mars, and way beyond the stars…IDOL was over-the-top fun, and I loved every minute of it…Now it’s time to bring Rock Back. ERMAHGERD.”

Watch the songstress' interview on "Today" from Thursday below!