It’s apparently a no-go for Enrique Iglesias on American Idol…

The 36-year-old Spanish singer was reportedly offered $4 million to serve as a judge on the upcoming season of Fox’s hit singing competition last week.

But now comes word that the network has pulled the plug on negotiations with Iglesias, according to a source close to the show.

Iglesias, who recently wrapped his North American tour with Jennifer Lopez, had been eyed as a possible fourth judge, joining the already-announced panel that includes Mariah Carey, as well as Nicki Minaj and Keith Urban, both of whom are thisclose to wrapping up deals to join the show’s 12th season.

Randy Jackson, the sole remaining original judge, was said to be moving on to take more of a mentor role on the show.  But now Fox, producers FremantleMedia and 19 Entertainment have reportedly abandoned that idea in favor of having Jackson return to the judges’ table.

No word on what derailed Iglesias’ talks, but money seems to be a big issue with talent show judges.

The current plan, according to the source, is to announce an Idol judges panel of Carey, Minaj, Urban and Jackson in time for the show’s on-site auditions, which start by the end of September.