As early as next week, the deal could be announced with hip-hop star Dr. Dre and record producer Jimmy Iovine set to make a windfall after co-founding the company in 2008, The Financiaal Times reported.
The newspaper warned that the deal could still collapse if the two companies couldn’t agree ‘final details’.
Actor and musician Tyrese Gibson was with Dr Dre when the purchase was announced and posted a video of them celebrating on Facebook.
The move would signal a change in strategy by Apple, which has not traditionally bought technology, and would be the largest purchase in company’s history.
Beats Electronics’ products are currently sold in Apple stores and the tech giant sees the acquisition, which includes headphones and a music streaming service, as a key addition to its product line-up.
Still, Apple and Beats Electronics have yet to comment on the potential deal.