Officials at Apple, speaking anonymously, told Bloomberg that major changes in the music player will occur by the end of the year, particularly through tighter integration with iCloud.
The music player made its official debut nearly a decade ago, a milestone in the meteoric rise of the mp3 sound file.
The new player will likely allow users to more easily manage their media across Apple platforms and in the "cloud," allowing it to be accessed from anywhere.
As people consume media on a range of devices, demand is growing for better ways to manage it and store it online, instead of within files on a computer.
Apple Insider reported that Apple may also add new music sharing features to iTunes.
TG Daily speculated that Apple may negotiate with record companies to allow songs to be shared among friends.
iTunes was also in the news this week for the expansion of its music store to Singapore, Taiwan, Hong Kong and several other markets in Asia.
India and China were left off the launch list, likely due to licensing issues and piracy concerns, reported the New York Daily News.
Bloomberg reported that iTunes made nearly $2 billion in profit in the last quarter alone.