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*From all indications it looks like Dr. Dre is about to become a billionaire and the rap/hip hop world’s first. Sorry Diddy and Jay Z.

That’s because Apple in talks to buy Dr Dre’s Beats Electronics for $3.2B! According to reports in The Wall Street Journal, Bloomberg and New York Times, the deal could be announced as early as next week.

Beats makes a variety of audio products, including a line of pricey but popular headphones. It also recently launched a streaming music service similar to Spotify called Beats Music.

The company was founded by Dr. Dre and music magnate Jimmy Iovine. Their headphone products were originally called “Beats by Dr. Dre.” Observers say it’s an interesting move by Apple, a company not know for buying other businesses with multibillion-dollar evaluations

According to CNBC’s analysis of the proposed deal, Apple could use the Beats Music streaming service as it attempts to figure out the streaming media space. Critics haven’t been especially thrilled with iTunes radio, a streaming radio service similar to Pandora. It’s been panned by critics for its poor track selection. Interestingly, the headphones are very popular but they don’t get much love from snooty audiophiles in reviews.

CNBC also notes that Beats raised $500 million last year from the Carlyle Group, giving it approximately a $1 billion valuation. If Apple is willing to pay $3.2 billion, that means Beats has tripled its value in just a few months.