Apple could be considering a totally revamped business model for its iTunes online music a report on the Internet suggest.

If the Financial Time's report (subscription required) is to be believed, Apple could already be in talks with music majors so as to offer an unlimited music download plan on iTunes.

The company could offer this plan with each iPod purchase at a premium price and will give access to iTunes' entire music library, the report says.

Apple could even allow subscribers to keep their 50 favourite tracks after the subscription has ended, according to the report.