Social networking site Facebook is expected to release details of its long-awaited new online advertising platform this week, according to reports.

Allfacebook – The Unofficial Facebook blog claims that the site’s founder, Mark Zuckerberg, is expected to tell a number of invited people at an event in New York that its new advertising system will offer more targeted marketing options for clients.

"According to advertising industry insiders, information about users’ relationships can be used to target them on the site and off of the site," the blog said.

Commenting on the rumours, search expert and industry commentator John Batelle said that the announcement could give Facebook the boost that it needs to remain ahead of an ever-changing market.

"After taking a perception hit with the launch of Google’s Open Social, Facebook needs a good reception to continue its current status as Hottest Thing On The Planet," he said.

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