I know what you’re thinking: this is a Google TV news site, enough about Apple already! Love ‘em or hate ‘em, if Apple throws the proverbial hat into the TV ring for a second time, the results could have a significant impact for GTV. Now, on to the heart of the matter. The rumor mill has been flowing the past couple of days over anonymous sources close to Apple reporting that iTunes will soon feature streaming TV shows for a mere 99 cents.

Currently, Apple charges $1.99 for the sale of a standard definition show, and $2.99 for HD. The new streaming service, on the other hand, would work in the same way Apple handles movie rentals in that once the purchase is made, 30 days are given to start watching the show, which is then available for 24 hours after starting.

This move would not come as a surprise, given the recent rumors of an updated Apple TV device based on the iOS4 platform and heavily relying on cloud storage in place of large hard drive capacity. Apple TV 2.0 is also slated to be much less expensive than its predecessor, with only a single model priced at $99 dollars.

The lingering problem for Apple is getting content providers to go along with them. A while back, Apple fought a losing battle to get some of the shows for sale on iTunes down to 99 cents. The argument from Apple will be that the decrease in cost will push many more people to make a purchase, with the chance of repeat rentals further down the line.

Whether or not content providers will agree remains to be seen, but given that the Television Industry seems to be warming to the idea of paid streaming of its content, Apple may not have such a tough time convincing a great majority of them to see their way.