Site users and experts including directors Anthony Minghella and Kevin Macdonald will choose the winner from short films submitted to MySpace.
Production partners Film4 and Vertigo Films will then help develop a project.
MySpace users will be able to contribute to the script and audition for roles in the film, due to be completed by the summer of 2008.
Film fans
The MyMovie MashUp project, which launches on Wednesday, is open to all UK residents - from established film-makers to industry newcomers.
Film4 executive Peter Carlton told Variety magazine: "Until you know what sort of director you're going to get, it's difficult to know if a British thriller or an improvised comedy would be more appropriate."
The project will also involve MySpace users in development, casting and marketing decisions.
The finished film is expected to be released almost simultaneously in cinemas and on MySpace and Film4.
Source : BBC World
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