Major League Baseball has given the green light for an iPhone application which will allow live streaming of baseball games. Called MLB at bat, the application takes full advantage of the new streaming capability of the iPhone 3.0 software, will cost around $10 and will work on both the iPhone or iPod Touch.

Users will not only be able to watch live games, but also listen to the audio feed if they want to save on battery power (and a full nine innings will sure kill the battery long before the last out on video streaming), get Game day updates and in game video highlights.

Since the iPhone 3.0 update has been pushed out as of today, the application is available now – just in time for MLBs first live streaming game, the Chicago Cubs vs. the Chicago White Sox at 2:20pm eastern time as part of a double header which also includes the Detroit Tigers vs. the St. Louis Cardinals at 8:15pm ET.

But don’t look for the Dodgers or Yankees to be coming to an iPod near you soon, MLB wants to roll out streaming gradually by only broadcasting “out of market” games – i.e., Yankee fans don’t get the Yanks and Dodger fans don’t get Chavez Ravine.

Hat Tip – GadgeTell