When Apple bought Lala, everybody thought that iTunes in the cloud was just around the corner, and now this rumour has new light, well acording to BGR's "reliable Apple sources."  So what BGR's sources are saying it that iTunes will have these 3 things:

1. Streaming music and movies from Apple’s servers to your computers, devices, etc.
2. Streaming music and movies from your home computers to your other computers, remote devices, etc.
3. Wireless iTunes syncing with devices

The first one is relatively simple to understand. It would stream iTunes content which you have bought over the internet to your iDevice, thus eliminating the need for a lot of local storage. Secondly, Apple will apparently let you stream your own content over your WiFi network to any of your own computers and devices. And last but not least, wireless syncing of for your iDevices.

Wireless syncing,  apparently works seamlessly and it will work much like the WiFi Sync app that got rejected from the app store and is now in the Cydia store. So any apps you buy for instance on your iPhone will immediately sync to your computer, changes to your calendar, or notes, or contacts will also automatically update on your computer as well. 

So all sounds great but when will we see it? I'd put my money on it coming in iTunes 10 when it gets announced alongside the new iPods in September.

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Source BGR