The veteran rocker will choose an unsigned act to support him at his iTunes festival concert at London`s Roundhouse next month after music expert Gill Mills - who discovered Ladyhawke and La Roux - has created a shortlist from a selection of acts at the Best of MySpace podcast.
Speaking about the new project, Ozzy said: "Throughout my career I`ve felt this obligation to give up-and-coming bands a leg up in the music business.
"I`ve taken out bands from Motley Crue to Metallica to System of a Down and Slipknot on their first big tours. I`m looking to give a new band a huge f****g break by having them open the show."
Contestants enter the competition by revealing the most outrageous thing they`ve ever done - and the winner will be announced by Ozzy on June 25.
The festival runs throughout July and acts such as Pixie Lott and The Scissor Scissors will also perform.