spotifyEuropean online music service Spotify has enough deals penned and funding in place that it will likely launch next week, according to All Things D.

Spotify provides cloud-based steaming music in Europe but announced Wednesday that it would finally hit the U.S. “soon.” The service offers three models: a free version supported by ads that allows 10 free hours of streaming per month, an unlimited subscription for €4.99 (about $7.22) a month, and a premium service, which lets customers access music on their mobile devices and costs €9.99 (about $14.46) a month.

The biggest established competitors to Spotify in the U.S. are MOG, Rdio, Rhapsody, and Napster. But other companies are quickly jumping on board the cloud music service bandwagon and developing new products. Google and Amazon are also testing streaming music services that let users stream their own music to other devices. Apple is expected to offer something similar in the future because it purchased streaming music service Lala in December 2009.

After hearing Europeans hype up Spotify since its launch, we can’t wait to give it a spin. And we’ll see next week if its launch prediction comes true.

Are you looking forward to Spotify’s U.S. launch?