We knew it was happening, but now it's official: Ryan Seacrest is returning as host of American Idol.

Seacrest will join new judges Katy Perry and (reportedly) Chris Daughtry on ABC's revival of the iconic singing competition show, the network announced Thursday.

"It's genuinely hard to put into words what American Idol means to me," Seacrest, who has hosted American Idol since it premiered in 2002, said in a statement. "I'm so grateful for the show and all the career and life opportunities it's allowed me to experience. It's been an incredible journey from day one. To be asked to return this year, at my new home at Disney|ABC, is an honor, if not a bit surreal. I believe ABC is the perfect home for Idol, and I've every confidence the show's legions of fans will love it - -especially Idol's best traditions of showcasing heartwarming stories, remarkable talent discovery, and, best of all, making dreams come true."

According to Variety, Seacrest will earn around $12 million for hosting the show this season. He will not receive an executive producer credit, but he will consult on creative decisions.

Seacrest will continue to host morning talk show Live with Kelly and Ryan as well as hosting and executive producing his radio shows "On Air with Ryan Seacrest" and "American Top 40." Seacrest also hosts and executive produces ABC's annual live show, "Dick Clark's New Year's Rockin' Eve with Ryan Seacrest."

Make American Idol Great Again: 6 tips to make the reboot sing

American Idol ended its 15-season run on Fox last year. Earlier this year, ABC bought the rights and is bringing it back for a Disnified reboot — audition rounds are rumored to take place at Disney World in Orlando and possibly Disneyland in Anaheim.

American Idol will return in 2018.