The country star, along with Nicki Minaj and Enrique Iglesias, are apparently close to signing deals with Fox to join Idol.
Urban told high school students at the Country Music Hall of Fame and Museum in Tennessee: "I would love to do it and hopefully that happens.
"I did get to do a similar role in Australia for The Voice, and I really enjoyed it. The thing about those shows is that mentoring aspect; it's all about passing it on."
Urban was asked about the Idol rumours by a local high school student during a Q&A, reports The Tennessean.
Idol is recently revamping the judging panel after Steven Tyler and Jennifer Lopez's exits.
Randy Jackson also won't be returning as a judge, but will stay on the show as a mentor to the contestants.
Idol currently has singer Mariah Carey as a judge, who is expected to earn around $15m to $17m (£9.3m to £10.6m) from the programme.
Watch the music video for Keith Urban's 'Long Hot Summer' below: