American Idol, we hardly had a chance to miss you.

Variety exclusively reported yesterday that high-bidding network ABC was finalizing a deal to revive the popular singing competition, which ended its 15-season run last year on Fox.

TMZ now reports that the deal is complete and will be officially announced next week at ABC's upfront presentations. The new and hopefully improved Idol will likely premiere in March and air on Sunday nights.

At its peak of popularity in the mid-2000s, Idol regularly attracted more than 20 million viewers an episode. The final season averaged 9.3 million viewers.

News of a reboot follows last week's big announcement that former Idol host Ryan Seacrest has been named Kelly Ripa’s morning show co-host on Live With Kelly and Ryan, which also airs on ABC. Could Seacrest film Live in New York and commute if Idol shoots in Los Angeles?

Sources tell Entertainment Tonight that while there have been no formal discussions, Seacrest, who might be a machine, is open to accepting the gig.

It's also rumored that Kelly Clarkson, who won the show's first season, may join the reboot as a judge.

Idol, which featured Ellen DeGeneres as a judge for one season, launched the careers of numerous LGBT artists, including Adam Lambert and Clay Aiken, although they didn't discuss their sexuality until the competition was over. Former finalists Rayvon Owen and David Hernandez both came out publicly as gay last year.

Amid various reports that producers encouraged contestants to stay in the closet, The Voice coach Adam Levine openly criticized Idol for not promoting its LGBT talent. Idol executive producer Nigel Lythgoe responded, denying that the show has ever stifled LGBT contestants.

San Francisco lesbian MK Nobilette in season 13 became the first finalist in Idol history to come out as "very obviously gay" while still competing.

RuPaul's Drag Race fans may recall that Adore Delano competed on season 7 as Danny Noriega, but as he famously put it, "some people weren't liking it."