Apple reportedly looking to acquire The Fancy social commerce site

The ink hasn’t even dried on Apple’s agreement to buyout AuthenTec yet, and the company is already rumored to be looking to make another purchase. According to a new report, Apple is in talks to acquire The Fancy social network.

For those that haven’t heard of the site, The Fancy is essentially part store, blog, magazine and wish list. Similar to Pinterest, users can discover cool stuff, share it, and if they really like it, they can buy it. And apparently, Apple wants in…

BusinessInsider has the scoop:

“Apple is in talks to acquire The Fancy, a fast-growing social commerce site back by cofounders of Twitter and Facebook, Business Insider has learned.

The objective: to secure a role for Apple Apple in the growing e-commerce market, putting the 400 million-plus users with credit cards on file with Apple’s iTunes Store to work shopping — with Apple getting a cut of the action.”

As crazy as this all sounds, Tim Cook was spotted talking to The Fancy’s CEO Joe Einhorn at the Sun Valley conference a few weeks ago. And notably, Cook also recently started up his own Fancy account.

There’s no word yet on what Apple’s willing to pay for the social networking/e-commerce site, but according to The Fancy’s latest funding round, its valuation is sitting at just over $100 million dollars.

If true, it’ll be interesting to see how this thing unfolds. What could Apple possibly want with a social commerce site?