The search giant is also set to announce the launch of its new smartphone Nexus One, set to rival the iPhone, later today.
The acquisition of Quattro Wireless is expected imminently according to The Wall Street Journal affiliated site All Things Digital.
Quattro Wireless, a mobile ad network, already reaches across the iPhone, Google's Android devices and other smartphone applications for advertisers including P&G, Ford, Disney and Netflix.
The business launched in 2006 and investors include venture capital firms Highland Capital Partners and Globespan Capital Partners. Apple sits on more than $30bn in cash and securities, but rarely makes acquisitions.
Apple was unavailable for comment.