MySpace is planning to make an entrance into the digital music business, rumors have it, and is expected to close a deal with none others than Sony BMG and Warner Music, and who knows, others might follow, sources familiar with the companies said, according to The New York Post. We could be in for an official deal this week, but none of the companies accepted to comment on the speculations.

“The concept of the joint venture is to bring in all forms of [making money from digital music] and much more tightly integrate them,” a person familiar with the talks said, according to the same source. As it appears, if the deal is indeed to be signed this week, the service could become available later this year: “Everybody’s operating with a sense of urgency to try to close it out,” another source said.

Rumors of a possible deal between MySpace and big names in the industry music have started circulating earlier this month, as several newspapers reported, although to this date, none of the assumptions has been confirmed. The Post reported that users could expect later this year to find anything from digital downloads (MP3) to ad-supported streaming video and ringtones.

Still a long way to go, but a MySpace music store could create quite a competition to Apple’s iTunes, which was recently declared the number 2 music retailer in the United States in 2007 after Wal-Mart, as NPD Group’s MusicWatch survey showed.

The record companies to take part in this deal are expected to hold less than 50 percent stake in the joint venture, the same newspaper reports, and depending on the market share, each of the companies will be granted a piece of the label. This is a huge deal for MySpace, considering their joint venture would bring the second and third largest music companies as business partners.