Ever since Apple allowed users to download movies on iTunes, rumors were abound that the company was going to start a movie rental service. And if a report by the Financial Times – which cites only a “person familiar with the situation” – is to be believed, Apple may finally bring movie rentals to the iTunes Store as soon as next month.

According to the report, Fox studios will be the first of many to provide media for this rental service. Users would be able to download the studio’s latest movies from iTunes and view them for a limited time. In addition, Twentieth Century Fox will use Apple’s FairPlay digital rights management technology in future DVD releases, enabling film content to be easily transferred from the disc to a computer and iPod.

If this all comes true, it could help Apple strengthen its online video efforts and perhaps finally kick-start Apple TV sales. Further details are expected at Apple’s MacWorld convention on January 14 in San Francisco.