The iTunes Music Store might be heading to Brazil. An iTunes spokesperson declined to comment, but many executives from different areas of the music industry say the retailer will definitely open shops in Argentina and Brazil and probably in several other countries in the region. Some sources say the Brazilian store will open as early as mid-December.

Brazil has shown its willingness to buy music online, with most of its digital track sales coming from online sources; by some estimates, the Sonora subscription service alone has some 500,000 paying subscribers. However, customers are restricted to using international credit cards and have to pay in US dollars. Veja, a Brazil-based magazine, stated a local currency solution should be available within the next six months.

According to Alejandro Duque, director of sales and business development for Universal Music Southern Cone, the music market is a digital market that is growing and has an interesting revenue equation. Apple appears to be taking significant steps to increase its presence in Brazil and the broader Latin American market, working with manufacturing partner Foxconn to launch iPhone and iPad production in Brazil in order to avoid high import taxes that have so far hampered adoption of Apple’s products there.