According to the reports from The Wall Street Journal and CNET it seems like MySpace could be the latest newcomer in the world of online digital music.

The News Corp’s company has had talks with all four major music labels and intends to launch an advertising-supported free music service.

CNET reports that “it’s important to note that these are only talks”, and for the moment it’s unclear if MySpace will launch a download or a streaming service.

In the past years, MySpace has ventured into the online music world by signing a partnership with Snocap, a company founded by the former Napster developer Shawn Fanning. The partnership was announced in September 2006 and  Snocap has become the provider of digital music retail tools for MySpace, marking the first music e-commerce deal for both companies.

The Snocap services enabled artists and labels with registered content to set pricing, create stores, and sell their music in MP3 format.

Snocap said that its MyStores have attracted more than 175,000 registered consumers, and over 80,000 artists have created their own storefronts.

However, MySpace could be kind of late to the party. In the past months, imeem and Last.fm have signed distribution deals with all the four music studios.