Apple is in talks to acquire Beats Electronics for $3.2 billion, in what would be its largest acquisition ever. The deal could be announced as early as next week, reported the Financial Times on Thursday. If the deal goes through, Apple would acquire the headphone and audio equipment business and the Beats Music streaming service. Executives would report to Apple CEO Tim Cook. Beats was founded in 2006 by hip-hop star Dr. Dre and music producer Jimmy Iovine. It has taken $120 million in funding in the last two years. In 2012 the electronics company acquired music streaming service MOG for an undisclosed price and began working on a streaming service of its own, code named project Daisy. The subscription service launched in January this year.