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Google might launch Flipboard-rival as soon as tomorrow

The Web giant is reportedly readying Currents, a digital newsstand for tablets that will enter a crowded but nascent market.

Google is reportedly readying the launch of its digital newsstand, a application that will be called Currents.

AllThingsD is reporting that the news reader application could debut "as early as tomorrow." The product had been developed under the code name Propeller.

Google didn't immediately reply to a request for comment on the report.

The Web giant has been working on its digital newsstand for several months. AllThingsD had reported that the product would debut last month.

Currents will take on the pioneer and leader among news reader applications, Flipboard, a product that Apple last year named its iPad app of the year. The Palo Alto, Calif., company has raised more than $60 million from top-tier venture capital firms such as Kleiner Perkins Caufield & Byers, Index Ventures, and Insight Venture Partners.

Last month, Yahoo jumped into the market as well, launching its Livestand, its digital newsstand for tablets. And CNN recently purchased Zite, an iPad news-reading app.

Update 12:40 p.m. PT: Currents has just launched.