Apple is about to launch a movie rental service in the US and the UK according to a report by the Financial Times in London this morning.

According to the paper industry insiders have told its Los Angeles reporter Matthew Garrahan, that Apple is in advanced talks with Hollywood’s largest movie studios about launching an online film rental service to challenge cable and satellite TV operators.

Supposedly Apple, will launch the new service at the same time as its iTunes Movie store in the UK, which Apple sources have told Pocket-lint is the Autumn.

A film would cost $2.99 for a 30-day rental, however digital rights-management software would allow films to be moved from a computer to at least one other device such as the video iPod or iPhone.

The software would prevent movies being copied.

The plan, if true, is likely to specifically appeal to Apple TV owners.