"Idol has been around for so long and it has its own following," she toldUs Weekly on Saturday.
"It's not only about the judges. There are awesome contestants. I'm not just saying that because I was a contestant! But I think it's going to do well."
Cowell inked a deal with Fox last month that will have him leaving American Idol after its current season to focus on launching an American edition of his British The X Factor reality competition series for the network in Fall 2011.
In addition to commenting on Cowell's departure, Iraheta also offered her opinion on new judge Ellen DeGeneres -- who will make herAmerican Idol debut when the Hollywood Week broadcasts begin on February 9.
"She might be funny, but she's really going to tell it like it is!" Iraheta told Us.