According to a Thursday report in the Wall Street Journal (WSJ), Apple is apparently mulling over plans to license a Pandora-like custom radio streaming service, for which it is already in talks with record labels.

The WSJ report, citing the information shared by three unidentified `inside' sources, revealed that though the launch of Apple's custom radio streaming service may still take a few months, the service will essentially take on the existing Internet radio services - like Pandora, Slacker and iHeartRadio - by sending streams of music that would be customized according to the preferences of the customers.

In fact, for judging the tastes and preferences of the users, the planned Apple service might boast the ability to connect with their iTunes accounts. The service will also likely be available in the form of a preinstalled app on popular Apple devices like the iPhone and the iPad.

Going by the details disclosed by the WSJ sources, even though there presently is not much clarity about the full scope of Apple's plans, the company - which has already been dominating the digital music arena with its iTunes store - has begun negotiations with leading record labels for licensing the custom radio streaming service.

While, on the lines of Pandora, Apple's under-consideration Internet radio service will have advertising, carried via the company's iAd platform, the WSJ sources said that direct licensing deals with record labels will give Apple more flexibility in using music.