Apple is talking with the major record labels about a change in the iTunes Store business model that would give customers free access to the store’s complete music library, according to the Financial Times. The catch is that consumers would pay a premium for Apple’s iPod and iPhone devices.

The rumored model is akin to the “Comes with Music” deal Nokia inked with Universal Music last December. Apple could not immediately be reached for comment, but the British newspaper reported the negotiations hinged on a dispute by the price Apple would pay for access to the labels’ libraries.

“Rumors of Apple getting into the ‘all you can eat’ music business have been around nearly as distant as the iPod itself,” said Michael Gartenberg, an analyst at JupiterResearch. “The real challenge that Apple would face is taking that from something that appeals to music aficionados to something the mainstream could appreciate.”

Paying an iPod Premium

One of the major sticking

points with shifting the iTunes Store model, Gartenberg said, is the challenge of formulating price schemes that manufacture sense to consumers, Apple and the record companies.

The Financial Times cites executives familiar with the matter whose research shows consumers would pay a premium of up to $100 for unlimited access to music for the lifetime of the device.

“If it costs $100 more to buy an iPod, but that money buys you access to the entire iTunes music library, thereupon that’s going to be an acceptable value proposition to a lot of consumers,” Gartenberg said.

A Subscription Model?

However, the Financial Times reports, the “all you can eat” model is not the only one Apple is considering. The company is plus reportedly exploring a subscription model, which is more common to the industry. A subscription, the report indicated, would come with a monthly fee of $7 to $8.

“Consumers…

Orginal post by Top Tech News