Commons Speaker John Bercow has launched a special commission on "digital democracy", saying it could pave the way for online voting and "e-dialogue" between MPs and constituents.
In a speech in London, Mr Bercow said what he envisaged was "nothing less than a Parliament version 2.0".
High-profile technology firms will be asked to give evidence to the body - whose members will be announced soon.
The commission is expected to report before the general election in 2015.
Speaking to the Hansard Society, he said: "I am announcing today the creation of a Speaker's Commission on Digital Democracy, the core membership of which will be assembled in the next few weeks, supplemented by a circle of around 30 expert commissioners and reinforced I hope by up to 60 million members of the public.
"This exercise will start in early 2014 and report in early 2015, a special year for Parliament as it will be the 750th anniversary of the de Montfort Parliament, along with the 800th anniversary of the Magna Carta, the document that set the scene for the 1265 Parliament to come later.
"Digital democracy will have some universal features but others which vary nation by nation. It is yet another change which pushes against formality and for flexibility.
"Its elements might include online voting, e-dialogue between representatives and those represented, increased interconnectedness between the functions of representation, scrutiny and legislation, multiple concepts of what is a constituency, flexibility about what is debated when and how, and a much more intense pace for invention and adaptation."
But he cautioned about the "digital divide" separating affluent internet users from those less able to communicate via new technology.
"A digital democracy should not reinvent the divide in franchise of the 19th century in a new high technology form," he said.
James Potter