The Radio 1 Official Chart Show will be revamped on February 26 to include online videos, live performances and interviews with artists who appear in the Top Ten.
Host Reggie Yates, who campaigned for the return of Top of the Pops alongside Fearne Cotton, will hand a special prize to the act that reaches number one each week and fans can send in questions via Twitter and Facebook.
"This really is being seen as Top of the Pops for the 21st century at the Beeb and we have high hopes it could be very popular with hundreds of thousands of people watching the show on their laptops," a source told The Mirror.
"It mixes old elements of the hit series with live chats with the acts, chart fans should love it."
Controller of BBC Radio 1 Ben Cooper added: "This is the Chart Show for the 21st century. I'm very excited about this innovation.
"Young people will be logging on to listen, watch and take part in the show. I hope that this will be to our young listeners what listening to the chart and waiting to record your favourite pop songs was for another generation."
Insiders have predicted that the show could end up on TV if its online run is successful.
Olly Murs recently expressed an interest in hosting a new version of Top of the Pops.