Steven Tyler Steven Tyler

Steven Tyler is walking this way and right out the door at American Idol. The Aerosmith lead singer has decided to leave the judges panel of the singing competition after two seasons, Fox announced Thursday.

"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," Tyler, 64, said in a statement. "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."

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"The next few years are going to be dedicated to kicking some serious a-- — 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," he continued. "Idol was over-the-top fun, and I loved every minute of it...Now it's time to bring Rock Back. ERMAHGERD."

Added Simon Fuller, Idol's creator: "Steven Tyler is a real Idol, a rock legend. If you had told me 10 years ago he would be a judge on American Idol, I would have thought it impossible. The fact that this became a reality and we had the pleasure of him gracing our stage for two seasons makes me very proud. I completely understand his desire to get back to his life as the singer in America's greatest-ever rock band. American Idol will miss him!"

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Tyler's exit comes in the midst of heavy speculation about whether his fellow judge, Jennifer Lopez, will return for a third season. She told Today's Natalie Morales on Thursday, "it's maybe time for me to go."

Tyler and Lopez both joined in Season 10 after Idol underwent a huge revamp that saw Simon Cowell leave to start the U.S. version of The X Factor, as well as the exits of Ellen DeGeneres and Kara DioGuardi. Randy Jackson is the only judge that has been with the show since Season 1. It is unknown whether he will return for what will be the 12th season. Idol has fallen in the ratings in recent years, amidst increased competition from other network singing shows like NBC's The Voice.

Are you sad Tyler is departing? Who do you think should replace him?