The Financial Times is reporting that Apple is in negotiations with the big record companies to offer an unlimited subscription model. The deal would give customers access to the entire iTunes music Library in exchange for a premium price for its iPod and iPhone devices.

Sources say the deal is hinged on a dispute over the price Apple would be willing to pay for access to the labels’ libraries.

Research had shown that consumers would pay a premium of up to $100 for unlimited access to music for the lifetime of the device, or a monthly fee of $7-$8 for a subscription model.