Beatport, owned by SFX Entertainment, currently operates as an iTunes-style digital music store specialising in dance music.
The Wall Street Journal reports that Beatport will turn Beatport.com in to a "free, ad-supported music streaming service", while keeping Beatport Pro running as the download store.
It's understood that Beatport has yet to sign deals with major music labels such as Universal, Sony Music Group and Warner Music Group, but much of Beatport's catalogue comes from independent labels.
The service is expected to provide users with "event information, artist profiles, and, potentially, live-streamed performances".
Beatport has yet to confirm the news itself so until then, launch dates are unclear.
The streaming service would be entering a market already dominated by several big names, including Spotify and Deezer, along with CD-quality specialists, Qobuz and Tidal.
And it's a busy market, with the likes of Technics Tracks and even Bose set to launch music streaming services in 2015.