AppleInsider says acquisition talks have entered the advanced stages and Loewe, which also builds components and home entertainment systems, is expected to make a decision on Apple's offer in the next week.
Apple iTV rumours: What you need to know
10 Apps we want to see on Apple TV
5 reasons you'll want an Apple TV
Apple in 2012: Ten things to expect
The site's source claims that Apple has offered around £69m ($112m) to take the company, which is slightly above the value of its closing share price on Friday.
Loewe "has been advised by its financial advisor to accept the offer and a final decision is scheduled to be announced internally before 18 May 2012," the source revealed.
Any acquisition of the 83 year-old manufacturer, would surely confirm beyond any reasonable doubt that Apple plans to launch its own-branded HD television.
Such is Apple's current war chest, the deal would only see Cupertino part with a fraction of its cash stockpiles of $100 billion, although some of that has been allocated for shareholder dividends.
Loewe in the UK has declined to comment on any speculation, although the German arm of the company has apparently said that there's nothing in the rumours.