Listeners will have access to a variety of radio stations in one online location from December.
The Radioplayer will stream dozens of BBC and commercial radio stations on one site.
Around 50 stations will be available initially, but the system will be fully operational from February with at least 200 stations on offer.
Michael Hill, managing director of UK Radioplayer, said: "This is a defining moment for UK radio."
Listeners will be able to search by station, programme and genre, and favourites can be stored as pre-sets.
Radio services from backers including the BBC, Absolute and Global Radio will be available on the service, which has been demonstrated at the Radio Festival in Salford.
Tim Davie, director of BBC audio and music, said: "It is a result of genuine collaboration across the industry and is the sort of innovation we need to make digital radio a reality."
Andrew Harrison, chairman of Radioplayer and chief executive of commercial radio body RadioCentre, said the project would "create significant opportunities for the commercial radio sector".
Some 4.7 million people per month already listen to radio via the internet.