The departure of Lopez and Tyler creates a major void in the three-judge panel on Idol, which remains the most-watched television show contest in the United States but has seen its ratings slump in recent years.
In response to an email question asking Franklin whether she is interested in joining Idol as a judge or a mentor, the singer responded, "Yes I am interested as a judge!"
Franklin, 70, is the legendary singer of 1960s hits such as Respect, Chain of Fools and Baby I Love You. She has won 18 Grammys during her career, and in 1987 she became the first woman inducted into the Rock and Roll Hall of Fame.
Representatives from Fox and FreemantleMedia, the production company behind Idol, could not be reached for comment late on Saturday.
Tyler, the lead singer of Aerosmith who joined Idol two seasons ago along with pop singer Lopez, announced on Thursday that he would not return for the fall season. A day later, Lopez told Idol host Ryan Seacrest in a radio interview that she would be following Tyler out the door.
That leaves on the judging panel only Randy Jackson, who has been with the program since its inception in 2002 when he was on the panel with Simon Cowell and Paula Abdul. They have since moved on to the American version of The X Factor, another singing contest.
It remains unclear if Jackson will stay on with Idol.
The May season finale of Idol drew 21.2 million viewers, well off its highs of more than 30 million in the show's heyday.
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I love Aretha, and I am also glad that now JLo and Steven Tyler can focus on their own music/AEROSMITH! Speaking of Aerosmith, did you know Tom Hamilton is in a new movie with Parker Posey called The Love Guide? It's out on DVD right now and it's so funny! Check it out and support Tom! http://www.youtube.com/watch?v=DwSkHKK2EjA
No one and just no one, comes close to the great Aretha Franklin. If Idol takes her its a win-win for Idol.