The Wall Street Journal is reporting that the world’s largest search engine, Google Inc. (NASDAQ:GOOG) is preparing to launch an app store that will house third party applications specifically designed for the Google suite of apps, including spreadsheets, email (Gmail), word processing (Docs), Calender and GTalk. The types of third party apps that Google is looking to include in the app store are those that will improve security, enhance available features or assist users in importing data into Google Apps.

Although Google is still in the early stages of this new project, it appears that Google will follow the lead set by other industry leaders such as Apple who has enjoyed tremendous success with their iPhone app store. In this regard, software developers will design the applications, upload them to the Google site and set a sale price. A revenue sharing model will be adopted with profits being split between the developer and the search engine giant.

At this time, it appears that the initial client base for Google will be the enterprise client but if all goes well, the project could be expanded to also included the consumer market.

Mashable is reporting that an official announcement may be as early as next month, although with details of this project now public, this announcement may come sooner rather then later.