Citing two anonymous sources with knowledge of the discussions, CNet reported Friday afternoon that an agreement between the two parties could be imminent. Parties with both companies declined to comment.
"Exactly what Apple intends to do with Lala remains unclear, but it would appear that Apple intends to offer some kind of streaming service to iTunes users," the report said. "Right now, Apple is the largest music store online or offline and Apple has made more money than any other music service by selling music downloads."
Weeks before its $750 million acquisition by Google, Apple reportedly met with mobile ad service AdMob. The nature and extent of those discussions remains unknown.
Apple has been described as awash in cash as it has accrued a massive $31.1 billion in cash and investments. That number, up 27 percent from a year prior as of August, is the largest net-cash sum of any technology company.