More details, including when the new season will premiere on ABC or who the judges could be, have yet to be announced.
However, fans should expect big things, as Disney co-chairman Ben Sherwood described an all new iteration of American Idol that aims to be even "bigger and bolder" than Fox's version.
After a reported bidding war between ABC, Fox, and NBC, American Idol is officially making a return to TV on ABC.
Speaking on the achievement, the ABC Entertainment president Channing Dungey said, "American Idol is a pop-culture staple that left the air too soon".
Based on the same report, ABC won the rights to revive the show for its 2017-2018 season. Seacrest was recently announced as the new co-host of "Live with Kelly and Ryan" which films in NY, though Seacrest maintains homes in Los Angeles and NY.
The show launched the careers of a number of country stars, including Carrie Underwood, Scotty McCreery, Kellie Pickler and more. "The next generation of Idol - and Idol will certainly be coming back for sure - will have a youthful glow, and it will be pioneering again, just as it was when we first began", Simon told The Hollywood Reporter.
We will bring you updates as they come. TMZ is reporting that the show's inaugural and most successful victor could be returning to the series as a judge.
The next question is will Ryan Seacrest return to host?
Contestants from the 15 seasons of American Idol aired so far have gone on to win 14 Grammys, two Golden Globes and an Academy Award while the show itself earned 67 Emmy nominations and nine wins. He added, however, that it is "unofficial, but very close" to becoming a reality.
Although the judging panel is expected to undergo an extreme makeover, one familiar face is expected to stay put: Newly-installed Live co-anchor Ryan Seacrest is reportedly being eyed to return as host.
If the show remains in Los Angeles, as expected, Seacrest would have to jet back and forth each week during live Idol episodes.