Could Apple TV, dubbed iTV, be a real product or just a vision of Steve Jobs? Things are getting clearer day-by-day as the tech giant is rumored to acquire German HDTV maker Loewe.

As reported by Apple Insider, Apple is in talks with the Germany-based premium HDTV maker. However, the offer is yet to be accepted. According to the publication, the Cupertino tech giant has offered 87.3 million Euros (approximately $113 million) for the acquisition. Loewe's financial advisor has recommended company's management to accept the offer. The final decision is scheduled to be announced by May 18.

Loewe has been in the market since 1949. The headquarters of Loewe are located in Kronach, Germany. Currently, it employs around 1,000 worldwide in 50 countries. While most of its products carry a "Made in Germany" tag. LED technology was adopted at Loewe in 2010 and the company introduced 3D display in 2011. And now, in 2012, Loewe is on the verge of getting acquired by Apple.

Other than building HDTVs, the company also makes audio equipments featuring Apple's AirPlay technology for streaming music. One of company's major shareholders is Sharp, which is said to supply display panels for the rumored Apple TV and iPad Mini. Sharp owns 28.83 percent of Loewe's shares.

The deal has not been confirmed, at least not yet, but it is the biggest clue that we got to speculate about a standalone TV set from Apple. Apple iTV is rumored to feature Sharp-made IGZO display, Siri integration and iSight camera. The camera will be loaded up with face recognition technology, giving it ability to zoom-in on user's face and even follow the user around the room.

The much-rumored Apple TV is expected to debut in last quarter of 2012 or in 2013. However, some reports suggest 2014 release date.

(reported by Johnny Wills, edited by Surojit Chatterjee)