Tyler and Lopez announced their departures from the Fox singing contest last week, both saying they wanted to make their musical -- and in Lopez's case, movie -- careers a priority.
Franklin, an 18-time Grammy Award winner, sent an e-mail to CNN Saturday announcing her interest in serving as a judge and bringing songstress Patti LaBelle along with her.
Fox representatives declined to comment on the possibility the 70-year-old Queen of Soul, who had surgery for an undisclosed ailment in 2010, would appear on the hit show.
"American Idol" lost its top ratings spot this year to NBC's "Sunday Night Football," and the addition of Franklin could help the ratings slide, CNN said.
The addition of other singing contests like Fox's "The X Factor" and NBC's "The Voice" has increased "Idol's" competition for viewers.
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