Buzz around what Google might cook up next makes for regular grist for the rumor mill. But new speculation now making the rounds is proving hard to ignore: that the search giant may be prepping a digital music service that could provide a viable alternative to Apple's popular iTunes.

A report from TechCrunch suggested that Google (NASDAQ: GOOG) may begin selling digital music, much like the iPod and iPhone maker. But others have claimed that Google is dealing with the music labels directly and looking to merge artist information into search results -- and will link to music sites for sales.

If reports are true, Google could be setting itself up to become a major player in the online music space, which has seen Apple's (NASDAQ: AAPL) iTunes dominate the market while subscription services are floundering.

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