Scott Borchetta, the record executive who discovered Taylor Swift when she was 14, is heading to FOX's "American Idol" as a mentor for the upcoming 14th season.

FOX announced Wednesday that the president and CEO of Big Machine Label group will serve as an in-house mentor, replacing former judge Randy Jackson, who served as a mentor for one season of the show, but was also one of the main judges for 13 seasons. 

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

"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." 

As a mentor, Borchetta will work closely with the contestants to prepare them for each week's live show. Borchetta will also take part in some of the earliest auditions alongside Jennifer Lopez, Keith Urban and Harry Connick Jr. Ryan Seacrest will return as host. 

The next "American Idol" winner will be signed to Borchetta's record label, "in partnership with 19 Entertainment and Universal Music Group," according to Rolling Stone. Borchetta's Nashville label is also known for discovering country artists such as Tim McGraw, Reba McEntire, Rascal Flatts, Florida Georgia Line and the Band Perry.

"This season, Jennifer, Keith and Harry have found some truly talented singers, and the addition of Scott's expertise in how to develop an artist gives our contestants a unique shot at success," Trish Kinane, president of entertainment, FremantleMedia North America and executive producer of "American Idol," said in a statement.

"It's been terrific to see Scott's enthusiasm as he watched each of the performances at Hollywood Week and we can't wait for America to see our hopefuls transform into superstars," she said. 

The new season of "Idol" will premiere on Jan. 7, 2015.