Google is reportedly getting ready to launch a cloud-based storage service that would rival the likes of Dropbox and Microsoft's SkyDrive. Citing people familiar with the matter, the Wall Street Journal says the service will be known as 'Drive' and will likely make its debut in the next few months. It will reportedly include a free option that should be enough for most consumers but paid plans will also be available to bump storage space.

There is no indication at this point how much storage space will be allowed before users are charged. Fore reference, Dropbox offers users 2GB for free, which can be bumped by referring new subscribers and promoting the service on social networks, then charges $9.99 for 50 GB or $19.99 for 100 GB.

It shouldn't be hard for the 800-pound gorilla that Google is to compete with those prices. After all, the company already offers 20GB of shared data for its Picasa, Gmail and Google Docs services at $5 per year. Microsoft's SkyDrive on the other hand offers 25GB of cloud storage for free so maybe Google will aim to match this.

This isn't the first time we hear rumors about a cloud storage service from Google. The company is thought to have been working internally on a service called G Drive, which was due to launch sometime in 2007 or 2008, but for some reason the project was scrapped.