The deal is expected to be finalised at the end of the week by MySpace chief executive Owen Van Natta and will be part of the social networking giant's strategy to return to its roots as a social networking site specialising in music entertainment.
iLike is a music recommendation service that tracks listeners music choices and suggests new music based on previous choices. The site launched in 2006 and claims to have 50 million registered users globally.
The service is currently the top music app on Facebook and Bebo.
MySpace was unavailable for comment.
Last Month, Media Week revealed that MySpace appointed the general manager of its Spain and Portugal office, Christopher Moser, as new UK managing director. His appointment follows recent upheaval at the News Corp-owned social network.
The site reduced its employees from 450 to 150 outside the US and cut its US workforce by 30%. Moser replaced Anthony Lukom, who left the business in June. The move followed about 100 job cuts at MySpace's UK international office, including its international chief Travis Katz.
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