The MSN deal will see users able to download emoticons for three weeks, starting from June 12.
It is one of a number of online promotions to highlight the release of the film, which stars the voices of Mike Myers, Cameron Diaz and Eddie Murphy.
The 'Shrek 2' trailer will run on the MSN Today Homepage, and there will also be age-targeted placements in Hotmail. Creative for the campaign was handled by Feref.
Zed, part of ZenithOptimedia Group, has previously worked on campaigns for the launch of the UIP 'Van Helsing', with a tie-up with Yahoo!.
Steve Hunt, senior media manager at UIP, said: "Internet has now become valuable at delivering volume of audience combined with unrivalled interaction that will help deliver the film experience."
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .