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Apple’s pay-per-song approach to selling music online through the iTunes store may soon be joined by a new business model that would give customers free access to every single track on the iTunes music library in exchange for paying a premium for its iPod and iPhone devices.

According to the Financial Times, Apple is currently in talks with major music labels over the proposed service though the sticking point appears to be just how much the labels want per device to offer such access. The model would mimic Nokia’s “comes with music” deal with Universal Music whereby a device will come with unlimited access to music for its lifetime.

Apple would not comment on the plan so we will have to wait and see where this goes from here. If true, however, this could provide the music industry with a very welcome shot in the arm, while at the same time drive demand for Apple’s iPods which has been slowing down lately.