Look out Netflix, Lovefilm and iTunes there's a new movie streaming kid in town - YouTube.

Reports suggests that the Google-owned video giant has done deals with the major Hollywood studios including Sony Pictures Entertainment, Warner Brothers and Universal to offer a premium streaming service on the popular site.

Now, we know what you're thinking - that YouTube already offers movie streaming. And whilst this is true, the move should mean we see more blockbusters like The Social Network, Inception and Red and less B-movie disasters such as Theater of Blood, My X-Girlfriends Wedding Reception and Mister Scarface.

We first told you back in February how Google was apparently looking to set up a pay-for, and unlimited, YouTube movie streaming service in the UK, to rival Amazon and its recent Lovefilm takeover.

The latest reports regarding the Hollywood deal don't shed any light on whether the service will be UK only, or what the price plans will be - but it is claimed that the service could go live as early as next week, with an announcement imminent.

It isn't exactly full steam ahead for YouTube's trip to the movies yet though - apparently Paramount, Fox and Disney have yet to sign up.

But one Hollywood insider at least thinks that the move will be a success for YouTube. "We think it will start with VOD, but broaden to include sell-through over time," said the senior executive at one Hollywood studio that has signed the deal.

"We are pretty excited because we are happy to see new entrants come in transactionally rather than a subscription model."

So, can YouTube make the jump from 30-second comedy cat clips, to three hour blockbusters? Let us know what you think using the comments below.