Randy Jackson finally strikes deal with 'American Idol'

With less than 24 hours to go before "American Idol" announces who will be on the judges panel for the show's ninth season, judge Randy Jackson has made a formal agreement to return to the show. A source with knowledge of the agreement says, "it's a multi-year deal." (Reps for "Idol" wouldn't comment, saying only, "We'll make official announcements at the news conference.")

The source wouldn't say what took so long to negotiate Jackson's deal. However, it's rumored that it took some time to come to an agreement regarding salary. If Jennifer Lopez does get what's rumored to be $12 million to join the show, that would put her in a salary range far greater than what Jackson was making, according to several people familiar with his original deal.

All that said, there might be an agreement but the ink is not dry. "The deal is done in principle, it's just waiting to be papered," said the source.

The complete judges panel will be announced Wednesday at noon, ET.