After thoroughly capturing the smartphone and tablet markets, Apple may be setting its sights on television next. According to a report from Smarthouse, Apple is planning to launch a 55-inch OLED TV sometime in 2012.

Apple is said to be in discussions with LG Display about the possibility of getting access to a new 55 LG OLED panel that will be used in the proposed Apple TV. The TV set will be capable of delivering music, video and TV shows over an IP network, according to the Smarthouse report.

A big-screen television running an iOS is certainly an interesting concept and something that is entirely possible given that portability has been Apple's game plan and having a television set that could play Apple content is the next step in that plan. Imagine playing video you downloaded from iTunes in a big screen in your living room.

Certainly the signs are there for an Apple TV. Apple has been reported to be after the video content site Hulu as well as the rights for current TV shows being aired in the US. Going after a new market would also help boost Apple's market cap.

If Apple is going to launch an integrated television then LG would be the most logical partner. LG already makes iPod Touch and iPhone Retina Displays for Apple. The tech giant is also using LG displays in its 27-inch iMacs and Thunderbolt displays. Other OLED makers don't have the same working relationship with Apple. Samsung, another OLED maker is engaged in a patent warfare with Apple. Furthermore LG just announced its own plans to produce a limited edition OLED TV late in 2012. Coincidence?

It's hard to bet against Apple when it releases new devices and a new OLED wouldn't be any different. Whatever it does with television it would surely be a tech innovation that people would line up for no matter the price.

If Apple does do a TV, it will likely have some sort of game-changer tech innovation that Apple could exclusively own for a period of time. A 55-inch OLED would probably qualify even though yields will be low and prices will be astronomical during the ramp up.