( CNN ) -- At first glance a reality-TV hosting gig might seem beneath a megawatt star like Jennifer Lopez . But , according to insiders , Lopez needs `` American Idol '' just as much as it needs her . `` She 's tried a couple comebacks . They really have n't worked for her , '' says Stuart Levine , managing editor at Variety . Levine added , `` She 's not the celebrity she was 15 years ago . But she 's not stupid . ... She 's a smart businesswoman . '' With a first look deal with Fox Films and a contract rumored to be worth $ 12 million , it looks like Jenny from the Block could be making out like a bandit . But neither party seems to be holding the short end of the stick . She 's viewing `` Idol '' as a way to jump-start her film and TV career , Levine said . In turn , Fox is banking on some star power to boost ratings during its first season without Simon Cowell . A first-look deal with Lopez means the studio will get the initial dibs on projects backed by her production company , Nuyorican Productions . According to Levine this is n't a big deal for Fox. `` 'Idol ' is such a big money maker ... I do n't think they had to twist too many arms for that , '' Levine said . `` Studios have so many first-look deals with so many production companies that one more is not a make or break situation . If this was someone they did n't want , they would n't have done it . '' With last season 's ratings dipping below 20 million viewers in April , J.Lo and Steven Tyler could be the magic formula for viewers . It 's likely that `` Idol 's '' audience share will soar at the beginning of the season , with viewers tuning in for the first few weeks to see the new judges in action . But then again , the same was said last season of recently resigned judge Ellen DeGeneres and everyone knows how that turned out , said Abbey Goodman , executive editor of RollingStone.com . `` No one thought Paula Abdul would be someone we would care about or miss when she was first announced , '' said Goodman . `` [ Lopez ] has the opportunity to get back that fan support through this . Whether she will remains to be seen . '' In order to harness that support from fans , Lopez may need to return to her `` Jenny from the Block '' roots . Before there was `` American Idol , '' there was the `` Bennifer '' era , when Lopez engaged in a very public relationship with Ben Affleck . But before that , she was just a young girl growing up in New York trying to make it big . A dancer from the Bronx , Lopez landed a role as a Fly Girl on Fox 's `` In Living Color '' in 1991 . ( J.Lo was n't the only Fly Girl to become a judge on reality TV . Carrie Ann Inaba of `` Dancing With the Stars '' got her start on the comedy series in 1990 . ) iReport : Will you watch Lopez on `` Idol ? '' After leaving the hit TV show in 1993 , Lopez finally found a place in the music industry with her debut album , `` On the 6 , '' in 1999 . The album , which featured hits like `` If You Had My Love '' and `` Waiting for Tonight , '' earned the singer multiple Grammy Award nominations . J.Lo officially became a triple threat when she played the lead in the 1997 biopic `` Selena . '' This breakout role led to other film opportunities , including 1998 's acclaimed `` Out of Sight , '' in which she starred alongside George Clooney . She 's since headlined romantic comedies like `` The Wedding Planner , '' `` Shall We Dance , '' `` Monster-in-Law '' and her most recent flick `` The Back-up Plan , '' which Levine jokes made about $ 12 at the box office . ( According to BoxOfficeMoJo.com , the film made more than $ 12 million in its opening weekend . ) For Lopez , who has two children with husband Marc Anthony , the benefits of her new gig do n't end with a paycheck . On Wednesday , Lopez said she looks forward to settling down in Los Angeles for a while . `` This is a sweet deal , '' said James Cantiello , MTV News ' `` American Idol '' expert . `` It 's mutually beneficial for everyone involved . '' This is the last season `` American Idol '' is guaranteed to be culturally relevant , Cantiello said . `` 'Idol ' lives and dies by the quality of the contestants , '' he added . `` As long as they cast good people this year , 'Idol ' will remain on top . ''
Fox has offered J.Lo a first look deal with Fox , and a rumored $ 12 million salary . ` ` It 's mutually beneficial for everyone involved , '' a source said . Lo 's breakthrough role in the 2008 biopic ` ` Selena '' led to other film opportunities .