Industry blog Valleywag claims an inside source at Apple is involved in advanced negotiations with Twitter, aiming to seal a deal by June 8, when Apple is due to host its Worldwide Developers Conference.
Last November, Twitter turned down a $500m offer from Facebook, although it was understood that the deal was composed of Facebook stock, the value of which was disputed.
Apple is said to be waving an offer of $700m in cash in front of Twitter, possibly edging out Google and Microsoft who have also shown interest in the popular microblogging website.
Apple recently completed a gushing business profile of Twitter which it posted online, titled "Twitter. Triumph of humanity."
The Valleywag blog post was written by editor Owen Thomas, who announced this month he is leaving the website to work for NBC.
Also on Twitter