FM Radio

[wibble]

you can push two(or many more) channels(stereo) of digital audio in the i2c stream along with control and other data

This is a non-sense. I2C can't transport digital audio.

In theory there's enough bandwidth even on a standard mode bus for compressed audio, so it could be done. In practice so far as I know none of the FM radio chips don't support that, and there's no standard I've heard of for it. If either exist I'd be interested to learn more. I suspect there's some confusion between i2c which we're talking about here, and i2s which is commonly used for stereo audio.