The application will allow users to broadcast what music they're listening to, allow them to share music with people on their network, connect with friend's friends and update all at the same time, according to The Boy Genius Report.
Apple iTunes 9 is expected to be unveiled at Apple's annual iPod event in September with general release slated for late September or October.
The app will have similar functionality to Yahoo!'s OneConnect, a mobile app which lets a user manage all social networks from one location.
There have been no clues from Apple about whether the app will be iPhone, Mac, or desktop based, but it will likely target Facebook, Twitter and Last.fm.
Apple has been conspicuously absent from social networking, although iTunes 8 dabbles by suggesting playlists and similar music based on the chosen track.
The software giant also added some social features to the most recent version of iPhoto by integrating it with Facebook and Flickr.
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