A new report from Variety today (via iClarified) suggests that Showtime's parent company CBS is putting the final touches on a standalone streaming service for the premium cable network, with rumors pointing to an official announcement either later today or sometime on Thursday.

Just like HBO NOW, the service would allow customers interested in Showtime to circumvent a traditional cable subscription and gain access to all of the network's shows and films for a single monthly fee. Variety says that CBS will reveal a partnership with Apple and the Apple TV that will be the exclusive home of the Showtime online-only service, similar to HBO NOW's initial exclusivity window on Apple TV and iOS devices. CBS still plans for other online partners to be announced in the future, according to "industry sources."

No name or price model was detailed yet for the Showtime service, but as pointed out by Variety, the move would fall in line with the company's announcement last fall of a $6 per month streaming service that presented access to the network's library of old and new shows. With Showtime cable subscriptions aligning closely with that of HBO, the new service would undoubtedly fall in the ballpark of HBO Now's $14.99 per month charge.

Update: As expected, Showtime has confirmed the streaming service will officially launch on July 12 for iPhone, iPad, iPod touch and Apple TV. The monthly service will run users $10.99 and simply be called "Showtime." The early July launch will also coincide with the new seasons of Ray Donovan and Masters of Sex.