IIRC only with iTunes Match. Info is on Apple's site:
http://www.apple.com/itunes/itunes-match/
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Consider the pros
and cons on both sides. Local backups are faster to restore and aren't limited. iCloud offers 5GB by default but you can pay for more. You have to physically connect for local backups whereas iCloud backups are wireless (and backups are only good if you regularly perform backups).