Apple is set to purchase Beats Electronics for $3.2 billion, according to gizmodo.
The site says that the sale of the company owned by Dr. Dre and Jimmy Iovine would make Dr. Dre approximately $1 billion.
Terms of the deal would result in Apple also owning Beats Music, the Beats Electronics music subscription service launched this year that provides similar services to Apple’s iTunes Radio.
If the deal goes through, it would be the biggest acquisition in Apple’s history. It would also go against the policy of Steve Jobs, the company’s co-founder, who died in 2011 and who CNBC says "was reluctant to pursue high-profile acquisitions."
The deal is still in the negotiations process, according to CNBC, but it could be announced as early as next week, if the final deal points are ultimately agreed-upon.