Think Secret is reporting that Steve Jobs will use his Keynote presentation to debut movie rentals through the iTunes Music Store.

The company is said to have ironed out all agreements with the studios, with only a few major players still in discussions.

Think Secret goes on to mention that its unknown whether Apple will announce the service or just the deals with the studios at WWDC on August 7.

The report mentions that because the movies are rented and not purchased then there will be a system in place to restrict playback, either after a certain number of plays or particular length of time.