According to sources close to the story, Apple is currently in talks with representatives from the major music labels concerning a deal that would allow owners of the next-generation iPhone to purchase music directly from the handset via cellular wireless networks.

Though users of the current generation iPhone can already do this, the handset must be connected to a high-speed WiFi connection to accomplish the task.

The New York Times is reporting that the arrival of a faster 3G network, which is expected to be announced at the next Worldwide Developers Conference this June, would make it more "technically feasible" to offer this service.

Unfortunately, everything may not be going Apple's way. The Times is reporting that the music labels are holding out, demanding that they be paid more than the 70 cent per song price for music currently sold over traditional Internal sales avenues.

Apple's hoping for "a big launch in June," according to one label executive familiar with the matter, and as such is also looking to expand its inventory of songs that are available for conversion to ringtones at 99 cents.

"The company is also hoping to add answer tones, also known as ringback tones—songs that a caller hears instead of the 'ring ring' sound while waiting for someone to answer," the report says. "In some cases, these command an even higher wholesale price than ringtones."

The negotiations themselves, which are only a few weeks young, may not be announced until after June 9th, which industry insiders are anticipating as the most likely day for the launch of the next-generation iPhone.

Feel free to chuck your two cents in over on the comments or forums.