Last week it was announced Justin Timberlake is planning on bringing MySpace back and now it's rumored he may also bring to life a new talent competition through the social networking site.

According to The Hollywood Reporter, Timberlake and his longtime manager Johnny Wright are formulating plans to revamp MySpace with a new gimmick to get people excited about the struggling site.

"Whether it becomes a talent competition or something like that, those are things that we will still flesh out," said Wright, who added that their plans will be hashed out in time for a Aug. 17 press conference. "We definitely want to bring the industry back to MySpace to really look at the talented people that have put their faces there."

In case you forgot, MySpace, which originated in 2003, was an outlet for emerging bands and musicians to showcase their talents before Facebook all but took over the social networking industry. Now with Timberlake involved, those behind MySpace are hoping to bring the music focus back to the site.