It's official! Ryan Seacrest is back as host of American Idol. The television personality announced the news on Thursday morning (July 20) on Live With Kelly and Ryan.

"Is it okay if I announce this big news?" Kelly Ripa asked her co-host before the big reveal. "I've been waiting and waiting but I didn't want to ... we've been talking about it for a little while. But I am happy to confirm with absolute confirmation that Ryan Seacrest is returning [as] the host of American Idol."

The announcement was met with screams and applause from the studio audience, with Seacrest adding that he's, "very, very excited."

"So much of American Idol’s overwhelming success can be attributed to Ryan, whose larger-than-life personality and laudable dedication to creating quality entertainment has made him a true master of his craft,” ABC Entertainment President Channing Dungey says in a statement. “His talent is limitless, and I can’t think of a more appropriate person to honor the Idol legacy as it takes on new life than the man who has been there through it all.”

The reality competition show is set to return on ABC in 2018, after the show saw a finale on Fox in 2016. In addition to Seacrest coming back for the series' revival, Katy Perry will serve as a judge on American Idol. While Keith Urban has said he would consider returning to the show in 2018, there has been no confirmation about the country star's role yet.  In an interview with CMT, Urban skirted around the topic. “Possibly,” Urban says, “Yeah, it’s music—that’s good! Music’s good.”

“There’s a lot of moving parts. That’s a good political answer, isn’t it?” he admits. “But it’s also quite true of the state of it right now. There’s a lot of moving parts in everybody’s camps. We’ll see what happens.”

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