The service, which is accused of being a threat to Apple's iTunes, has submitted the application to Apple's iTunes App Store for its approval.
Spotify allows consumers to listen to, but not download, entire songs for free. If approved its iPhone application will allow consumers to access a library of millions of songs on their mobile phone.
They will also be able to download music to their handsets and stream their existing playlists, which will be accessible without network coverage.
Reports do not detail how much Spotify will charge for its application, but there is a likelihood it will only be available to premium subscribers who currently pay £9.99 a month to use the service on their computers without ads.
Spotify has more than a million users in the UK and more than six million across Europe, but is yet to launch in the US.
Apple revealed last week that its iPhone sales had contributed to its best-ever June results, with sales up 626% year on year to 5.2m handsets sold in Q3.
This contributed to revenues of $8.34bn, up 12% year on year, and a profit of $1.23bn, a rise of 15%.
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