The group, who are currently working on their 15th studio album, admit that they are struggling to record the LP around Tyler's work commitments, yet believe the show will introduce the band to a wider audience.
Guitarist Brad Whitford told the Boston Herald: "I think he's a great choice for Idol. I always told him he should be a stand-up comedian because he's one of the funniest guys I've ever known in my life.
"It's going to expand our audience, for sure. People who would never think about seeing Aerosmith might change their minds after seeing him on TV."
He continued: "It's nice to be touching people much, much younger than we are. It's kind of cool to see how they react to it. And I can say we are all looking forward to some new Aerosmith music."
Discussing the impending album's release date, he admitted: "A lot will depend on how much we get done this week and when we can get back together again to sort of finalise it. Hopefully, we will be listening to it sometime this year."