Apple is expected to launch an online music storage and streaming service soon, after reaching deals with major labels.

Reuters today reported that the iPhone maker has completed work on the new service, citing two people familiar with the matter. Warner Music Group, EMI Group and Sony Music Entertainment have signed agreements with Apple, while Universal Music Group is expected to follow, Reuters added.

The iTunes cloud-based service will offer users the ability to buy, store and stream favorite songs and albums wherever they have an Internet connection on any device.

It is possible Apple to officially announce its cloud music plans in time for the Apple Worldwide Developers Conference on June 6.

Recently, Google and Amazon.com Inc launched their own 'cloud' music services. However, both companies have not signed new licensing agreements with the record companies.

"Music Beta by Google" functions much like a digital music locker, allowing users to upload their music to a remote server and play songs from any computer browser or through an app that runs on smartphones and tablets using the Android operating system.

Amazon's music service (Cloud Drive) allows users to store about 1,000 songs on its web servers for free instead of their own hard drives and play them over an Internet connection directly from web browsers. Users are able to listen to songs they have uploaded to the service but they are not be able to download the files.