Back in April we brought you news that the next version of iTunes, iTunes 11, was working its way through Apple’s internal testing. Little was known about what iTunes 11 would look like, except that it was supposed to bring improved iCloud integration and iOS 6 compatibility.

A recent report from Bloomberg has confirmed the improved iCloud integration and offered a few more details about the update as well. Citing “people with direct knowledge of the matter,” Bloomberg says that Apple is preparing “one of the largest changes to the world’s biggest music store since its 2003 debut.” Specifically, the new update will include the aforementioned deepened iCloud integration, as well new ways to share music.

With Ping on its way to the chopping block, the music sharing feature will likely center on Facebook and Twitter, just like the App Store sharing announced with iOS 6 earlier this month. The sources also said that Apple has been negotiating with record labels to allow people to share entire songs for free.

The report doesn’t give any specifics about when iTunes 11 will be launching apart from “by year’s end.” It will almost certainly be launched in the fall, though. Apple has traditionally rolled out major iTunes releases alongside the iPhone. At WWDC two weeks ago Apple promised that iOS 6 would ship in the fall, meaning that the new iPhone will as well. Odds are that that’s when we’ll see iTunes 11, too.