Rumors that Microsoft will announce a Zune streaming subscription option for the Xbox 360 hit our inbox over the weekend from multiple sources who claim that the on-again, off-again proposed option is apparently on the table again. The rumors starting again are apparently tied to Microsoft suggesting that there will be a new way to watch video soon on the Xbox.

If sources have it right, Microsoft will offer a streaming service that is similar to what you can get from Hulu Plus and Netflix, but with a different collection of content, of course. It is unknown right now who might be partnering with Microsoft’s offering, but it would require support from content providers in order to offer a selection that is different enough from other offerings that will want to make owners subscribe.

It could be, however, that the subscription packages are tied into the Xbox Live on Demand TV-on-demand service that was originally expected to be announced at E3, but didn’t come together in time. Be patient, because our sources expect official word in the next week or so.