'American Idol' Renewed for Season 3 by ABC

American Idol has officially been renewed for its third season on ABC.

ABC quietly made the renewal on Monday, just ahead of the singing competition's Season 2 finale on Sunday night, where Alejandro Aranda, Laine Hardy, and Madison VanDenburg are vying for the win, Deadline reports.

The renewal will mark the series' 18th season overall and its third on the alphabet network, which picked the series up following its cancellation on Fox.

Season 3 of the series does not yet have a premiere date, though it is expected that it will air sometime in Jan. 2020.

Currently, details for the upcoming season are not known, though it is believed that negotiations are still ongoing with judges Luke Bryan, Katy Perry, and Lionel Richie.

The network and series producer FreemantleMedia North America are said to be discussing how to bring costs of the series down, which includes offering new talent deals to the all-star trio.

During her first season as judge, Perry made a whopping $25 million, while Richie cashed in a $10 million paycheck and Bryan took home $12 million. For comparison, Fox's slew of judges earned far less, with Jennifer Lopez earning $15 million for the last season, while Keith Urban and Harry Connick Jr. earned $3.5 million each.

Meanwhile, host Ryan Seacrest is believed to have brought home $12 million for his first season on ABC, and it is believed that he is under a long-term deal with the series.

Re-negotiated deals to lower those skyrocketed costs have not yet been met, and the two sides are said to be "far apart."

American Idol originally ran on Fox for 15 seasons from 2002 until 2016, making household names out of singers Kelly Clarkson, Carrie Underwood, and Jennifer Hudson along the way. After Fox axed the series partly due to the cost of keeping the judges, ABC announced that it had picked the series up for its 16th season, bringing with it a host of new judges.

Throughout its run on the alphabet network, the singing competition has consistently performed well, and its two-hour Sunday episodes are averaging 8.9 million viewers and a 1.7 rating in the key 18-49 demographic in Live+7 day viewing. Those numbers make the series ABC's second-highest rated reality show behind only The Bachelor.

Idol's Monday night airings, meanwhile, average 8.3 million viewers and a 1.5 rating.

American Idol is produced by Fremantle and Industrial Media's 19 Entertainment. The competition is executive produced by Trish Kinane, who also serves as showrunner, ennifer Mullin, Megan Wolflick, Chris Anokute.

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Part one of the American Idol Season 2 finale will air Sunday, May 19 at 8 p.m. ET on ABC.