The longtime rumors are finally becoming a reality. Apple is planning to add movie rentals to iTunes.

According to a Financial Times report, Twentieth Century Fox is one of the first studios agreeing to offer its films for rent via iTunes. Movies have been available on iTunes but only for purchase. The rental capability is sure to shake things up.

Michael Gartenberg, a Jupiter Research vice president, told the Associated Press:

"People want to watch movies but not necessarily own them," Gartenberg said. "If Apple can simplify the digital movie services like they did with music, then we're talking about a very significant change in the online video rental landscape."

Apple's official announcement is expected in mid-January.