Apple could be about to launch a newsstand store similar to its iBooks offering that sells newspapers and magazines to iPhone and iPad owners according to sources "familiar with the matter".

"The newsstand, designed particularly for the iPad, would be similar to Apple’s iBook store for electronic books, said the people, who declined to be identified because the negotiations are private," Bloomberg is reporting.

The move is an attempt to lure people away from ebook reader devices like the Amazon Kindle.

"Pricing for subscriptions also hasn’t been worked out," the article states.

The newsstand store could be up and running in time for an announcement to co-inside with the launch of the second generation iPad, expected early 2011.

Not surprisingly Bloomberg could find no one at any of the companies rumoured to be involved happy to comment on the rumours.

According to the article, no publisher has yet signed up for the new yet to be confirmed offering.

The App store is already filled with newsstand style apps that let you buy magazines to read on the iPad and iPhone, however so far these "digital copies" are normally nothing more that just scans of the magazines in question.

Some magazines like Wired and Popular Science have launched dedicated apps, but they are expensive, and normally very large in size taking more than a quick jog to the news stand to download.

We will keep you posted.