Her husband Nick Cannon - who also presents the US TV talent show - admits the 'Dreamlover' singer regularly talks about working on it, but he is unsure if she would be able to be a judge due to her other commitments.
He said: "You know what? She talks about it. She says, 'I would love to do that.'
"She is one of the greatest singers of our time; she would be great. I don't know if she has enough time, though, but if they could work with her schedule, I know she would love to do 'Idol'."
The 29-year-old presenter also admits the show has experienced a turmoil following the departure of both Simon Cowell and Ellen DeGeneres, but he believes it will continue to be a success.
He told The Hollywood Reporter: "Simon Cowell was the anchor of the show. And when he stepped out, it's like, now what? But as long as Ryan Seacrest and Randy Jackson stick around, I'm watching."
Meanwhile, rumoured new judge Jennifer Lopez is believed to have been removed as a potential replacement to Simon and Ellen due to her "out of hand" demands.
A source told People.com: "Her demands got out of hand. Fox had just had enough."
Jennifer was expected to join the panel alongside Aerosmith rocker Steven Tyler.