Source: RF Cafe
According to Seth Weintraub over at 9to5mac.com, a tipster has alerted him to an FM radio app being worked on in-house at Apple for the iPhone and iPod touch. According to said tipster, the app would be one of only a couple that run in the background, allowing you to listen as you do other things. Whether or not the app would be a standalone or would be integrated into an update of the iPod app wasn't precisely spelled out.
While the iPhones and iPod touches have had the hardware capabilities to receive FM signals, the functionality has lain dormant (save for the Nike+ peripherals). Apple is said to be working hard to get the app to play nicely with the iTunes app to lead to something like in-app purchases for a seamless transition from listening to a song to owning it. Right now there's a version of such a feature available in apps like Pandora, though those require you to exit the music streaming app and enter the iTunes app. With the ability to run in the background or to sync up with iTunes, Apple's FM app could provide an interruption free experience.And that would be something I'd definitely be interested in.
