Google launched their “Google Music” cloud service over 5 months ago and although its been been great for consumers — label executives weren’t exactly too fond of the idea. Google Music, in it’s current form, is definitely great for your current music library but if there’s one area where it’s sorely lacking it’s being able to cough up some cash and actually buy new music.

Well, according to New York Times, Google is already making the necessary steps towards opening up their own MP3 store, allowing for quick and easy song purchases. Apparently, a few music execs let the cat out of the bag saying Google intends on opening their music store in the next few weeks. Not only does this fall in line with the Ice Cream Sandwich announcement but this could also be an attempt from Google to steal away some of the thunder from Apple’s upcoming cloud music service (iTunes Match).

More than likely, this new MP3 store will be tied into Google Music Beta where you could make an MP3 purchase and instantly stream it to various devices from the cloud. This could completely do away with the painful process of uploading huge music libraries to Google Music where users had to spend days, even weeks to access their music from the cloud. Still, I think it would be pretty neat to browse the Android Market for books, movies, apps and music. Every type of media, all in one place.

Big moves, as always, from Google HQ. The only thing that could mess this deal now are those skittish label execs who have always been more than a little wary of Google’s open reputation. Let’s hope everything works out.

[Via NYTimes]