Scott Borchetta will reportedly appear on American Idol as a season 14 mentor.

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According to a new report, Borchetta, the man who discovered Taylor Swift when she was just 14-years-old, will replace Randy Jackson and Jimmy Iovine when the long-running singing competition returns to FOX next month.

"Scott Borchetta, the President and CEO of the Big Machine Label Group, is slated to be announced as the new mentor on the upcoming season 14 of American Idol," a source revealed to Us Weekly on Monday. "According to the insider, Borchetta will fill the void left by Randy Jackson and Jimmy Iovine on the beloved reality competition series that launched the careers of previous winners including Kelly Clarkson and Carrie Underwood."

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In addition to launching Swift's career, Borchetta's label, Big Machine, is home to several high-profile acts, including the Rascal Flatts, the Band Perry, Reba McEntire, Tim McGraw, Florida Georgia Line and Brantley Gilbert.

Last month, after Randy Jackson announced he would be leaving American Idol for good, a report claimed FOX had enlisted Teresa LaBarbera-Whites as a mentor on the upcoming season.

"Teresa LaBarbera-Whites, former Senior Vice President of A&R at Columbia Records, has been named the new in-house mentor, replacing Randy Jackson," The Idol Pad reported. "She becomes the first female to occupy the role which Jimmy Iovine originated and held from seasons 10-12."

Borchetta will join returning judges Jennifer Lopez, Harry Connick Jr. and Keith Urban, when he appears on the show to develop its new and emerging talents.

American Idol season 14 is set to premiere on FOX on Jan. 7.