Apple's negotiations with Beats may not be finalized until sometime next week, one week longer than the original rumor, according to a report by Re/code.com.
The acquisition is worth approximately $3.2 billion, according to Reuters.
The deal for Beats, which also runs a streaming music service, would be the largest acquisition ever made by Apple.
The news is just the latest string of rumors regarding a groundbreaking deal between the iPhone maker and Beats, which has made headlines all around the world.
Multiple publications started reporting the two companies were having buyout discussions late last week.
Apple and Beats Electronics have not commented publically regarding the deal.
A video made its way online last week showing Beats cofounder Dr. Dre supposedly celebrating the deal with "Fast & Furious" actor Tyrese Gibson.
After initially being unsure about the deal, most analysts not believe Apple's Beats should be a good move that would allow the California-based company reach new heights.
Dr. Dre, whose real name is Andre Young, and Beats cofounder and chairman of record label Interscope Geffen A&M Jimmy Iovine would likely take on senior positions at Apple once a deal is reached.
A report was released on May 12 claiming Iovine and Young may show up to this year's Worldwide Developers Conference in June.
Apple's Chief Executive Tim Cook met with Iovine last year to discuss a partnership involving Beats' planned music-streaming service, according to Reuters.