According to Financial Times, Apple will cooperate with 20th Century Fox to allow the consumers to rent the latest Fox DVD releases via downloads from the iTunes store for a limited time frame. Fox is a subsidiary of News Corp. The movie rental will definitely spice up the already popular iTunes store service.

“The iPod is the most important media player right now, and if you’re one of the studios, you’re going to want to play with Apple here,” said Michael Gartenberg, vice president of Jupiter Research. “People want to watch movies but not necessarily own them. If Apple can simplify the digital movie services like they did with music, then we’re talking about a very significant change in the online video rental landscape.”

Right now, Apple had sold Disney movies online that only for permanent downloads at higher prices, but not for rent. Hope that the online movies rental services will be available soon.