The rumors are true! Jennifer Lopez announced her Las Vegas residency, which will start in 2016. The singer and actress will entertain audiences at the AXIS Theater at Planet Hollywood Resort & Casino, according to Vibe.

"I've been preparing for this moment my entire life," said Lopez, according to Vibe. "The show is going to be a multifaceted high energy Jenny from the Block party, mixing all aspects of what my fans and I love-dance, hip-hop, Latin, and pop. It's going to be the show I've always dreamed of creating."

Tickets go on sale May 16. Prices range from $59 to $219. As HNGN previously reported, Fox announced on Monday that the next season of "American Idol" will be its last. Lopez will return as a judge for the farewell season.