9to5mac is reporting that Apple is working on iTunes 11 that will bring iOS 6 support along with some design changes and better iCloud integration. Mark Gurman wrote:

On the subject of iTunes, we’re still hearing that a full iTunes Store and App Store revamp is underway for a launch between this summer and the fall. Earlier this year, Apple purchased a company called Chomp to help with that refresh. Since then, we’ve heard multiple independent whispers that the Chomp team has been fully integrated into a team that specifically exists in order to improve content discovery within the iTunes application and the online store.

The above image (screenshot added below) is an actual screenshot from an internal iTunes 11.0 build, but we have seen more than that. iTunes 11 includes an increased presence of iCloud integration. Perhaps the biggest testament to this is a dedicated iCloud settings panel within iTunes. This panel is a centralized, always accessible spot for users to control iCloud related features while in iTunes. These features include iTunes Match, iTunes in the Cloud, iCloud iOS device backups and more. We’ll have more on this soon.

Apple normally releases new iTunes update with major iOS release so we do think that we will see iTunes 11 by fall this year.