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Apple constantly releases updated for the iTunes but still we are working with the same version 10 since Spetember 2010. Now, rumors claim that Apple is working on iTunes 11. The new version is designed in order to support the iOS 6 that is upcoming.
The sources familiar with the topic say that the iOS 6 and iTunes 11 may not be launched at the same time. They state that we will see the iTunes 10.x update with the support for iOS 6. The next version of iTunes will happen still later.
The new version is expected to have a dedicated settings panel for iCloud. Some of the features that are expected to be included are the iTunes Match, iCloud OS backups and more. This panel is expected to be a always accessible spot for the users to control their iCloud related features. Apple is expected to equip new user interface elements and visible features to the application.