The 30-year-old's decision comes after the announcement that Randy Jackson is leaving the show after 12 seasons, reported Us magazine.
There have been reports that producers of the show are firing the entire judging panel.
"It's safe to say she isn't coming back to Idol. She's okay with it. She had a great time but was only going to do one season anyway," a source said.
Minaj had joined the series in 2012, alongside fellow new judges Keith Urban and Mariah Carey.
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