Following speculations about his future on the show, sources said that the R&B singer/music producer has closed a deal with FOX to stay on the show.
The deal-making was wrapped quickly after talks with Enrique Iglesias broke off, reported Deadline.
While the network hasn't confirmed it yet, Simon Cowell stated the same on Twitter.
"Just heard randy is back on idol. Right decision," tweeted the British producer, who was also a judge on the veteran singing competition.
So far, Mariah Carey is the only confirmed judge for the upcoming instalment of the reality show. Nicki Minaj has been persistently mentioned as a frontrunner for the gig, while Randy was said to be possibly downsized from judge to mentor.