Reuters
Iovine, a music industry veteran who co-founded Beats with hip-hop star Dr. Dre, will reportedly advise Cook on creative matters, according to The New York Post.
Other details about Iovine's potential involvement if the deal goes through are unclear at this time.
Iovine is also the chairman of Interscope, Geffen and A&M record labels, which are all owned by Universal Music Group.
If true, the Beats Electronics acquisition would be Apple's largest purchases to date. It seems like an odd move for Apple, but reports suggest that the iPhone maker is more interested in the Beats Music streaming service than its line of luxury headphones.
Last year, Iovine told AllThingsD that he had tried to convince former Apple CEO Steve Jobs that the company should launch a subscription music service back in 2002 and 2003. Jobs was interested in the idea, according to AllThingsD, but he didn't want to pay record companies.
Beats Music got generally positive reviews since it launched earlier this year. The service costs $10 per month, which is the same price as Spotify's premium subscription.
Beats Electronics has declined to comment on the potential acquisition, but the Financial Times reported that the deal could be announced as early as next week.