Apple is putting the finishing touches to QuickTime 5 and Final Cut Pro 2, reports claim.

QuickTime 5.0 is close to completion, and is expected to offer better stability, with better streaming facilities and new support for a number of video formats, including MPEG 1 and MPEG 2. It’s likely that Apple’s revised application will be announced at the second QuickTime Live! Conference.

Final Cut Final Cut Pro 2 is expected to support dual streams and real-time digital-video editing. Reports also claim that third-party manufacturers are preparing to release boards simultaneously with the release of Final Cut Pro 2 that support real-time video work through the application.

Version 2 is also expected to deliver more filtering and special effects, as well as improved DVD authoring and streaming, thanks to technologies recently acquired through Apple’s acquisition of Astarte.

Astarte was the original developer of Toast, the CD-R authoring package. Apple acquired Astarte’s DVD-authoring solutions from the company earlier this year. Final Cut Pro 2’s release date is still up in the air, with some reports hinting at a launch next month.