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The rumor is back, and if it’s true, iTunes can charge my visa card right now, because it would be a heck of deal for music connoisseurs, like myself.

An anonymous tip is currently circulating the blogs-of-Mac-worship, buzzing that Apple is preparing to launch an unlimited downloads, iTunes subscription service. If it’s true, other music subscription services will be forced to compete, or risk being put down.

Apple, and more specifically CEO Steve Jobs, have been publicly resistant to the possibility of an iTunes music subscriptions offering, stating that users wish to “own their music”, and standing by its popular retail model, while companies such as Napster, Real Media and even Microsoft try their hands at ruling the unlimited-download arena.

The anonymous tipster responsible for the resurgence in iTunes subscription rumors claims to have details of the possible offering: the subscription would run for $129.99 a year for regular users, and 179.99 a year for use with Mobile Me. It was also stated that songs would be of 256Kbps quality, with half of the iTunes library initially offered.

Now, before we get too excited, rumors of an iTunes subscription service have surfaced before, but they’ve never made it “to the shelf” as it were. However if Apple realizes that this is what its users are clamoring for, it could very well become a reality.