Specific Media plans to relaunch the service later this year in collaboration with the singer-turned-actor, Forbes understands.
The company's co-founders, Chris and Tim Vanderhook, purchased MySpace from News Corp for $35 million with Timberlake, and are planning to revive it with a strong music focus.
"MySpace is the only site in the world where you can get everything an artist does if you're interested in that artist," said Chris Vanderhook. "To do all those things would probably take you 30 different properties."
The social network currently hosts more than 42 million songs, many of which are by unsigned artists, but News Corp stripped away many of the features musicians used to promote their work as part of a 2010 relaunch.
News Corp founder Rupert Murdoch admitted that his firm "screwed up" MySpace "in every way possible" following comments by the site's co-founder Tom Anderson describing it as a "cesspool".
MySpace dropped out of the UK's top ten most popular social networks in December last year.