A cloud-based music service wouldn't be anything without a name. And Apple might have found a suitable choice.

The Cupertino, Calif.-based company has acquired domain name iCloud.com from Sweden-based "hybrid cloud computing" provider Xcerion, GigaOm is reporting, citing an anonymous "tipster." The publication's source says Apple paid $4.5 million for the domain name.

Neither Xcerion nor Apple has confirmed a sale, and it's worth noting that the site's Whois data shows that Xcerion still owns the domain. However, Xcerion used to operate its cloud-based storage service on iCloud.com but, earlier this month, moved it over to CloudMe.com.

Speculation abounds that Apple is nearing the launch of a cloud-based music service that would allow people to store their music libraries on the Web for access anywhere they can connect to the Internet. Last month, Amazon.com launched its own digital music locker, allowing folks to store their tracks on the Web. The Amazon service also lets people store video and e-books. However, the service launched without licensing content from record labels, potentially putting it at a disadvantage when compared with services that have licensed content and can thus deliver a more well-rounded, feature-rich offering.

Last week, reports surfaced that Apple had signed a deal with Warner Music Group to license that label's content for its online service. Google, by contrast, may be partnering with streaming-music service Spotify to power its own cloud-based music platform.

Neither Apple nor Xcerion immediately responded to CNET's request for comment.