"They've had a fantastic run. They invented the genre," Tyler said. "Then the other shows took over and did the turning chairs and America's Got Talent and all that stuff, which is great, great, great, but it took a little fire away from the initial thing."
"But they are American Idol! They will be that forever," the singer added.
As for making a special appearance in the iconic show's final season? Tyler said that there is always a chance.
"Hey, they offer me enough money, even I'll come back. I know Randy [Jackson] will!" Tyler joked.
Until then, Tyler will be stepping onto the Idol stage at least once more during the season 14 finale as part of a media blitz promoting his upcoming country album.
According to Rolling Stone, Tyler will perform his forthcoming single "Love Is Your Name," which will appear on the album the musician has been recording since he moved to Tennessee at the beginning of the year.
Tyler opened up to ET about his country music efforts as well, revealing, "Nobody knows how country I am."
"You know, when I was a kid I used to trudge through 10 miles of snow just for cigarettes and sex, and what about that isn't to write country songs about?"
Tyler also opened up about the transition, and how country differs from rock ‘n’ roll, the genre that he built his entire career off of.
"I rock 'n' roll would be exotic, neurotic, you got it," Tyler explained. "And country would be truth, vermouth and one lost tooth."
In between working on a promising country album and going on tour with Aerosmith starting in July, Tyler's life has also changed a bit with the addition of a brand new grandson to his family after his daughter, actress Liv Tyler, gave birth in February.
Tyler recounted what the momentous occasion was like, telling ET, "They hold the sheet up there, and I'm up here talkin' to Liv, and Mia [Tyler's daughter and Liv Tyler's half-sister] is down there dealing with the other end, and baby pops out!"
Tyler also revealed that he got to cut the umbilical cord, and admitted that the whole thing brought him to tears.