LOS ANGELES - The man who discovered Taylor Swift is to replace former mentor Randy Jackson on American Idol.

Scott Borchetta, the president and chief executive of the Big Machine Label group, will join the show as mentor to contestants on its 14th season, which premieres in January.

Fox confirmed the news on Wednesday in a statement, according to The Hollywood Reporter.

"There's only one reason I'm doing this: American Idol has proven again and again that it can launch superstars.

"I believe that working with these young artists the same way we work with new artists at the Big Machine Label Group will help the next American Idol be as prepared as possible to continue the tradition of creating new superstars," said Borchetta.

"The entire label group will be invested and we look forward to bringing our energy, focus and know-how to help develop this young talent at the highest levels."

Borchetta, 52, is to take over from former mentors Jackson and Jimmy Iovine in a role that involves working with the talent as they prepare for each week's live show and theme night, the Hollywood Reporter said.

He joins returning judges Jennifer Lopez, Keith Urban and Harry Connick, Jr, who will pick the next group of promising Idol singers.

He is credited with signing Swift to his label at the age of 14.

His Nashville-based label is home to Tim McGraw, Florida Georgia Line, Reba McEntire, The Band Perry and Brantley Gilbert.

The label will also partner with 19 Entertainment and Universal Music Group to oversee the launch of the Idol winner's recording career, Fox said.

Borchetta was famously in the news recently when he defended Swift after she pulled her music from streaming service Spotify.