The social networking site aims to show its commitment to building new business models that benefit artists, consumers and brands.
The global deal with Pennywise and mobile music marketing company Textango marks the first time that MySpace Music has offered users a full free album download.
The album will be available to MySpace users from March 25 2008, when it will also be released at traditional music outlets.
The deal between MySpace Records and Textango means that any user that becomes a "friend" of the Textango MySpace will be able to download the album for free. It will be available for two weeks and will include full album artwork.
Josh Brooks, vice-president of marketing at MySpace, said: "This happens in a time when the record industry has such a black eye. It's a nice opportunity and a way to get your music out there."
Shawn Dornan, Textango CEO, said: "The overarching spirit is breaking new barriers, doing new models and going against the status quo, which are all things we stand for."