The rumor mill is buzzing that Paula Abdul is going to make her exit from “American Idol” after this year. Her contract is almost up and the show has brought on a new female judge for the upcoming season. It certainly seems like everyone is planning for Paula to move on.

Paula Abdul is planning to bow out of American Idol! According to a source close to the reality judge, Paula, 45, who has been with the show for seven years, is developing new TV projects and is hoping to “transition” out of the Fox hit.

With her fellow judge, Randy Jackson, telling friends that American Idol has lost its magic, another Paula insider explains, “She knows that every season could be her last. Now she’s got a new secret venture that she’s really excited about.”

[From OK! Magazine]

Paula’s “secret venture” according to the Enquirer actually sounds pretty cool and unique. She’s planning a Vegas show with a cheerleader premise. Which beats the hell out of strippers and magic shows. It sounds pretty creative, but is clearly in the initial planning stages.

Paula Abdul is going back to her cheerleading roots! With her “American Idol” contract nearing its end, she’s plotting to launch a cheerleader-themed Cirque du Soleil-type show in Las Vegas, The ENQUIRER has learned exclusively. Paula – a former Los Angeles Lakers cheerleader – is secretly negotiating with several Sin City casinos to headline a stage extravaganza that would open in late 2009, sources say.

“Paula has no idea what could happen when her contract with ‘Idol’ ends after next season,” an insider says. “It’s possible she’ll strike a deal and stay with the show, but she’s not depending on that. She’s secretly putting together an exit strategy.”

Paula’s concept – a fast-paced cheerleading performance integrated into a dance show – has been an idea in the making for many years. But sources close to the 46-year-old singer and Emmy-winning choreographer say the concept could become a reality based on her meetings with several of the same casino execs who helped develop illusionist Criss Angel’s show “Believe” at the Luxor.

“It will be very state-of-the-art with a number of stage props, such as water, lightening and pyrotechnics,” the source reveals. “No one knows whether Paula will be back for another season of ‘Idol’ after this one, but she’s preparing for the future – and she sees her future in Las Vegas!”

[From the National Enquirer, Nov. 24, 2008, print ed.]

This is one of the few Vegas shows I can imagine seeing. I’m curious to know how this will all come together. Unfortunately being associated with Criss Angel doesn’t exactly garner a lot of respect, and his latest show has been widely panned. But that has a lot more to do with Angel than anything else. Paula definitely knows performance, and she’s presumably a good teacher as well, since she was a successful choreographer for many years. It seems like she’s got the perfect background to put together a show like this, and she could even incorporate singing into it in some way. “American Idol” is dying a slow death – and it looks like Paula is ready to move on to better things.

Here’s Paula chatting on her cell phone as she left a Los Angeles Hotel heading to Hollywood for an “American Idol” event yesterday. Images thanks to Fame. Paula is shown in the header at an ET Emmy pary on 9/21/08. Credit: PRphotos.