Apple is talking with major record companies to negotiate unlimited music downloads of purchased music, reports this morning indicate.

That means that customers would be able to listen to music they’ve bought in iTunes across multiple devices and have a backup in the cloud. Citing anonymous sources “with knowledge of the plans,” Bloomberg reported that Apple is talking to Sony Music Entertainment, Warner Music, EMI and Universal Music.

If it’s true, this move puts Apple in prime position to take on streaming music sites such as Pandora, recent Apple adversary Rhapsody and the European service Spotify, which is rumored to be planning an imminent U.S. launch once it signs deals with all the major labels.