The show has had a significant decline in popularity over recent years, with the ratings for this season's finale down 32% on last year.
Despite this, president of the Fox Networks Group David Haslingden claimed at a recent media summit he is optimistic the show can "continue on for 15, 16, 17 seasons".
According to The Hollywood Reporter, Haslingden also said the network is "absolutely committed" to American Idol, and would "throw all resources" at making it a ratings champion once again.
Season 11 of American Idol has just concluded, averaging 19 million viewers across its 40 episodes.
Haslingden is the second Fox executive to comment on the future of the show in recent weeks: Kevin Reilly claimed that the series may have to undergo some "creative tweaking" to arrest its ratings decline, much to the dismay of executive producer Nigel Lythgoe.
Watch Jennifer Lopez, Randy Jackson and Stephen Tyler on American Idol below: