Show execs may give AMERICAN IDOL judges JENNIFER LOPEZ, STEVEN TYLER and RANDY JACKSON the old heave-ho!

Sources have told The ENQUIRER that FOX and “Idol” producers are considering the stunning move be­cause they believe the judging panel costs too much. And they think they can get three fresh and exciting faces for a lot less money, which would help ease the financial blow they took from giving popular host Ryan Seacrest a $30 million contract!

The perennial hit singing talent show has been falling in the ratings, in part due to competition from knockoffs like “The Voice” and “The X Fac­tor.” Now bigwigs are putting out feel­ers to replace their highly paid stars with people like Nicki Minaj, Pink and Jon Bon Jovi, said an insider.

“The current judges simply make too much money, and with the ratings lower than ever, the top execs feel like they may have to make some drastic changes,” revealed a source.

“FOX and ‘Idol’ honchos Simon Fuller and Nigel Lythgoe think they may be able to re­invigorate the show with newer, hipper and cheaper talent.”

J.Lo, 42, is raking in a  whopping $20 million per season while Aerosmith lead singer Tyler, 64, makes at least $10 million…and he wants more!

Randy, 55, who’s been with the show since its debut in 2002, pulls in around $8 million.

“Jennifer, Steven and Randy have been a wonderful team of judges, but in Hollywood, you’re only as good as your ratings,” noted the insider. “Jennifer and Steven were a refreshing change of pace after badboy Simon Cowell left, but their act is beginning to get old.

“It may be time to clean house and move on.”