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Google’s(S GOOG) online storage service, rumored to be called GDrive is like the wolf in the fable, The Boy Who Cried Wolf. Well, after long history of false alarms, the storage drive might just see the day in early April, according to my well placed sources familiar with company’s plans. I say might, just because of Google’s history with the Google Drive.

The rumors of Google’s Gdrive first emerged in 2006 and then in 2007 via The Wall Street Journal. Nothing came of those rumors. Two years later, same story, and one more time, nothing came to fruition. In 2010, Google announced that it would allow you to upload documents and files to Google Docs. In February 2012, the rumors started again with another report from The Wall Street Journal.

However, if all goes to plan, this time we might see it for real. I am told the big day is sometime during the first week of April 2012. Google, of course is not talking. A spokesperson sent me the boilerplate — we don’t comment on rumors or speculation.

According to the details from my sources, Google is going to offer 1 Gb of storage space for free, but will charge for more storage. The market leader Dropbox currently offers 2 Gb for free. Google’s product will come with a local client and the web interface will look much like the Google Docs interface. Interestingly, it will launch for Google Apps customers and will be domain specific as well. Google has also built an API for third party apps with this service so folks can store content from other apps in the Google drive. My sources are impressed, so far with what they have seen.

I have watched Google and have been amazed by its inability to launch a cloud storage offering. When I wrote about it earlier this year, many readers weighed in with smart comments that are worth reading.