Timberlake has been appointed by Specific Media to rebrand MySpace by securing innovative video and music content for the website.
The Friends with Benefits star said in a statement: "Art is inspired by people and vice versa, so there's a natural social component to entertainment. I'm excited to help revitalise MySpace by using its social media platform to bring artists and fans together in one community."
As part of his deal with Specific Media, Timberlake will be working with a staff of six and have his own office at MySpace's corporate headquarters, Specific Media founder Tim Vanderhook told the Los Angeles Times.
Timberlake achieved critical acclaim for his portrayal of internet mogul and Napster co-founder Sean Parker in director David Fincher's 2010 film The Social Network, which traced the rise of MySpace's chief rival Facebook.
The star is involved in numerous business ventures outside of his acting work, such as founding Tennman Records and heading up the William Rast clothing line.
Friends with Benefits, in which Timberlake co-stars with Mila Kunis, is released on July 22 in US cinemas and on September 9 in the UK.