MySpace is planning to acquire Flektor, a just-launched service that allows users to create widgets from photos, video and text, according to two sources with knowledge of the deal. This comes right after the news of MySpace’s pending acquisition of Photobucket last week for $250-$300 million.

This will be a much smaller deal, in the $10-$20 million. Flektor competes with more established startups like Slide and RockYou, and launched only a few weeks ago. Still, insiders say that the company has developed a killer set of tools to create slide shows as well as much more elaborate widgets that include audio, video, photos, text, effects and transitions.

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