It’s that time of year again Apple fans! Rumors are starting to circulate around the web about Apple’s next version of iTunes, iTunes 11. According to 9to5Mac, the main focus will be on iCloud support, as well as early support for iOS 6. Does this mean the iPhone 5 is around the corner? Perhaps.

Inside sources also suggest that iTunes 11 was in the works prior to iTunes 10.6, which leads us to believe the upcoming upgrade will be very significant and focus on internal changes rather than cosmetic. These changes are already being put to the test by a small beta group according to Tech Radar.

Main focus on iCloud. iTunes 11 will include a dedicated iCloud settings panel which will allow for easy, centralized access to all iCloud related features such as iTunes Match, iTunes in the Cloud, iCloud iOS device backups and more.

iTunes 11 will also bring improved search functionality within iTunes. Rumors suggest that Apple also purchased mobile-application search and discovery company Chomp to enhance the recommend and search features within the App store.

Early support for iOS 6 and a full iTunes Store and App Store Revamp are also expected.

iTunes users have been waiting a long time for a complete overhaul, after issues with syncing and over complicated ways of getting things done within the software. When can you expect to get your hands on iTunes 11? Reports suggest you’ll be able to get it in the Summer or early Fall of 2012.