From Apple Insider..
“Negotiations between Apple and music publishers have begun in earnest only recently but the amount of money that separates the two sides from reaching a deal is relatively small, according to two sources with knowledge of the talks,” Sandoval wrote. “That said, these are cloud-licensing contracts, which are new and complex and there’s still several ways Apple’s service could be delayed, insiders say.”
Apple has been signing deals with record labels left, right, and center with deals struck with both Sony and EMI in the last week. With Warner already said to be in the bag, it is thought that Universal Music Group is the only major label not to be signed off on.
All things going to plan, Apple could announce iCloud at June’s WWDC event.