CNET is reporting that Apple has finalized an agreement with EMI Music for their upcoming cloud music service, and as previously suspected, is also on the verge of hammering out deals with Universal Music Group and Sony Music Entertainment.

Apple has signed a cloud-music licensing agreement with EMI Music and is very near to completing deals with Universal Music Group and Sony Music Entertainment, multiple music industry sources told CNET.

This would not only let them compete with Amazon's Cloud Drive and Google's new Music Beta services, but could give them significant advantages, such as making any content in the iTunes catalog instantly available without requiring time consuming uploads first.

On the negative side, it could also mean users are restricted to iTunes-only content, unlike Google and Amazon which allow users to pretty much upload anything.

Apple is probabl to unveil iOS 5 at WWDC in June, and with this news it seems more and more likely they'll be letting the world know of their streaming music plans at the event now that the deals are starting to fall into place.

How do you think this will impact Amazon and Google once Apple brings iTunes music streaming to the masses? Sound off in the comments!