It's the end of an era.

Yesterday, Fox announced that the network has cancelled "American Idol."

Next year's fifteenth season will be the show's last, and it's going to be a very special one, according to the network.

"American Idol will begin its 15th, and final, season this January on FOX," Fox wrote in a release. "A season-long celebratory event, American Idol XV will feature host Ryan Seacrest and judges Jennifer Lopez, Keith Urban and Harry Connick, Jr., as they search for the final Idol superstar and pay tribute to the past 14 seasons of amazingly talented contestants and the millions of fans who tweeted, texted and championed their Idols."

Seacrest, the show's one mainstay as the host since its inception in 2002, wrote in a statement, ""American Idol has been a big part of my life for so long, it's frankly hard to imagine it without it. It's been a remarkable journey, and I feel very fortunate to have been part of a show that made television history in countless ways. It's a show about chasing and fulfilling dreams, and truth be told, it helped some of my own dreams come true too."

Once a juggernaut, "Idol" has seen falling ratings over the past few years.

Still, we're excited to see what the last season will hold. Perhaps a reunion of every judge who has appeatred on the show? At the very least, we're hoping Randy Jackson, Simon Cowell and Paula Adbul come back!

And just admit it the last time Ryan Seacrest says his signature catchphrase, "Seacrest out," you'll cry, too.

Top 3 "Idols"

1. Kelly Clarkson

The original "Idol," Clarkson has won three Grammy Awards and sold more than 45 million albums worldwide

2. Carrie Underwood

The country superstar has won seven Grammy Awards and sold more than 65 million albums worldwide

3. Jennifer Hudson

Though placing seventh in the competition, JHud went on to win an Oscar, Grammy and even a star on the Hollywood Walk of Fame.