According to reports swirling around the Internet, Apple is planning on launching a new ringtone service at its media event ( new iPods) on September 5th.

The NY Post, a New York City newspaper is reporting that the new service will allow iPhone users to turn any song into a ringtone for an additional fee.

iPhone ringtones on iTunes

So far, the exact pricing for the service is unknown, but the plan will probably include an enhanced download service in the same vein as the unprotected music files Apple currently offers from EMI.

Most important to current iTunes users, Apple will allow users to convert previously purchased songs into a ringtone without any additional charge.

"In a new twist, iPhone users will have the ability to choose any part of the song they want as their ringtone," the NY Post said. "Most major ringtone offerings from Verizon, AT&T or Sprint feature pre-determined samples."

So far, this information is only speculation from the NY Post, but further details of the plan are expected to be released at the Apple event.