That's according to a new report over on TechCrunch, which says Apple plans to announce the buyout on Monday if all goes smoothly. But the company has had to adapt to the rise of streaming services - including Apple's own Apple Music.
A decade ago, Apple's iPhone helped make a music-tech star out of Shazam, the app that, nearly like magic, could identify a song just by hearing a few seconds of it.
Reps for Apple and Shazam did not immediately respond to requests for comment. She adds that one source said the sale price would be "in the nine figures", while another source said it would be around $400 million.
That valuation may come as a blow to some Shazam investors, who include Mexican billionaire Carlos Slim and venture capital firms Kleiner Perkins Caufield & Byers, Institutional Venture Partners and DN Capital Ltd.
In 2015, Shazam posted an annual loss of $22 million dollars.
Shazam made $50 million in revenue a year ago, according to a person familiar with the company. As noted by TechCrunch, though, the company's revenue is modest.
Founded in 1999, Shazam can listen to music that's playing around you and identify the song title, artist, and album.
It also integrates with other apps like Snapchat and Apple's Siri, and it now sends lots of traffic to other music apps like Spotify and Apple Music, which pays it when those clicks convert to purchases.
Apple already uses some audio recognition technology in Apple TV to identify content and serve up related items.