Readers can access the application by registering at Wallpaper.com and can use it to create a cover. They will be able to select and manipulate images, graphics and patterns supplied by designers James Joyce, Nigel Robinson, Anthony Burrill and Kam Tang.
Rolex is offering nine different Rolex advertising creatives for readers to work with.
The offer is open to subscribers and non-subscribers and each reader who submits a cover will be sent the August issue with the cover they have created on the front.
The move is an extension of the magazine’s guest-designed front covers, with contributions from designer Phillipe Starck and fashion luminary Karl Lagerfeld last year.
Editor-in-chief Tony Chambers said: "Wallpaper readers are a very creative bunch and they are going to love this. After all, they’ll be joining the ranks of Philippe Starck, Zaha Hadid, Anish Kapoor and Karl Lagerfeld – all of whom are previous Wallpaper cover artists."
The August issue goes on sale 8 July.
Wallpaper sold an average of 105,028 for the period July to December 2009, according to the latest ABC circulation figures, a fall of 2.8% on the previous year.