Apple is rumoured to be working on its own navigation software, which would allow it stop pre-loading Google Maps on its iOS devices.

According to tech website PC Mag, although there haven't been any hints from the iPhone maker, the market is rife with news that the software giant is developing its own navigation and geo-location system for its latest operating system iOS 5.

Mac Rumors first reported that the Maps App in iOS 5 contains a new section with third-party licenses intended to provide geolocation services to the company’s operating system. The rumors are also backed up by Apple’s acquisitions into the same arena. Apple acquired PlaceBase in September 2009 and Poly9 in July last year, both mapping and navigation service providers.

The latest piece of news is in stark contrast with the announcement made by Google’s chairman Eric Schmidt in May this year. Schmidt announced, "We just renewed our Map and Search agreements with Apple, and we hope those continue for a long time,"

The legal disclaimer is said to contain names of companies including TomTom, Urban Mapping, CoreLogic and Localeze, giving a hint to some of the location-based services that Apple may be working on for its iPhone users.

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Apple Looking To Replace Google Maps On iPhone 5