Fans can name their price, from £0-100, and download In Rainbows on Wednesday.
Former Stone Roses singer Ian Brown said it was a "fantastic idea", adding: "Anything that can break the music industry up, I'm supporting it."
Ex-Smiths guitarist Johnny Marr praised their trust in human nature. He said: "We'll see if their good faith is going to be rewarded. I think it will work."
'Fantastic idea'
Radiohead followers have been pre-ordering Radiohead's seventh studio album for the past week.
| | Everyone knows you can get your music for free, so let's see if you really want to show the band your appreciation Johnny Marr |
Instead of listing a price, the group's website simply says: "It's up to you," and then adds: "No really, it's up to you."
"I think it's a really fantastic idea because it puts the responsibility back on people's own consciences and deals with people as grown ups," Marr told the BBC News website.
"It's not hiding behind any corporate nonsense, it's just saying 'this is the way it is, let's get on with it'.
"Everyone knows you can get your music for free, so let's see if you really want to show the band your appreciation."
Radiohead are not currently signed to a record label after their deal with Parlophone ran out, and no agreement to release the album in record shops has been announced.
Referring to The Charlatans' scheme to give away their new album, Ian Brown said: "I've heard about bands putting out free albums.
"The idea of that is that they'll then sell concert tickets and that's how they'll get the money back. Anything that's going to break the game up like that, I support it."
Brown and Marr were speaking at the Q Awards in London on Monday, where Brown was named the Q Legend and Marr received a lifetime achievement honour.
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