Legendary record producer Jimmy Iovine (U2, Tom Petty, Dire Straits) has signed on as official mentor to the contestants on American Idol.

Iovine is Chairman of Interscope-Geffen-A&M Records and his role is part of a new deal announced last month between Universal, 19 Entertainment and Idol creator Simon Fuller. The labels will market, promote and distribute CDs form the TV show’s finalists. Previously American Idol was affiliated with Sony.

The new season of American Idol will begin January 12, 2011 on Fox with new judges Steven Tyler and Jennifer Lopez and without Simon Cowell.