Until the end of the month anyone can join in to help write the novel, which has the provisional title of A Million Penguins. The site is amillionpenguins.com and, so far, just a few days into the experiment, the novel is into its seventh chapter.
The project has been designed as part of a study module at the university. Students involved are based across the world and include the director of Booktrust, Chris Meade.
The term 'wiki novel' has been coined for an online book from the internet term 'wiki' which is the name of a website that allows the visitors to add to and edit content, often without the need for registration.
Previous attempts to throw open the editorial process using the web have not had a smooth track record, however; chaos ensued when the Los Angeles Times threw open its editorial processes to internet readers.
But Penguin is optimistic. The company's digital publisher, Jeremy Ettinghausen, said the contribution of the students on the university course had already been hugely helpful in shaping the launch of the novel.