According to the WSJ Google is going to offer a service that allows users to store their files online.

The rumor that Google would offer the so-called GDrive has been floating around for a long time.
Online drives have been around for years. It is of course big news when Google offers such a service.

GDrive will be free and Google will charge for premium storage capacities.
Important for such a service is an easy to use offline synchronization function to be able to have local copies of files if you are offline.
More details on the WSJ.