The Queen drummer first wrote the track in 1994, and it featured on his album Happiness. He now plans to reissue the song with slightly-altered lyrics.
Lyrics in the song include: "We're drowning in nipples and bingo and sex crimes", and "Dear Mr Murdoch, you're really the pits, bad news is good business, you're the king of the t*ts".
Taylor had previously battled Murdoch by funding protests against the News Corporation chief's plans to buy Manchester United in 1998.
Rupert Murdoch appeared in front of the Commons culture, media and sport select committee to face questions about the ongoing phone hacking trial earlier today.
During the hearing, he was attacked with a foam pie by a man named as Johnnie Marbles.
'Dear Mr Murdoch' will be available to download via iTunes in its new form later this week.
Listen to Roger Taylor's 'Dear Mr Murdoch' below: