The rumor mill has been steadily churning in Silicon Valley, and it looks like Google is ready to reveal something it's had up its sleeve for quite some time. Music industry sources are reporting that Google has made agreements with Universal Music Group and Sony Music Entertainment to license music for YouTube and Google Play, paving the way to a subscription based music service they may announce at Google I/O, their yearly developer conference. Fortune has already reported that Google has struck deals with Warner Music Group just earlier this year. 

If Google does announce its new service today at the conference, they'll have a jump ahead on Apple, which is reportedly building its own streaming music service, as well.

Reportedly, Google's subscription services would be a lot like Spotify, and will offer on-demand tunes that could be streamed from PCs and smartphones.

Will you be leaving your favorite music services for a Google based one?