The newspapers will launch two new websites, www.thetimes.co.uk and www.thesundaytimes.co.uk, in May, initially on a free trial period.
But from June, readers will be charged £1 for a day's access to the websites or £2 for a week's subscription.
A single payment will give readers access to both sites.
However, seven-day subscribers to The Times and The Sunday Times newspapers will be able to gain access to the websites for free.
James Harding, editor of The Times, told Sky News: "Taking this step is a risk, but is less of a risk than we are currently taking, because at present, we are sending the message to our readers that we value our journalism, but online it's worthless.
"We don't think it's worthless and I don't think our readers do either, so I'm sure they will be prepared to pay what is a really reasonable price.
"Look at iTunes, people have realised that music has a value, and like music, there is a real value to our journalism too."
When asked whether he was worried about the effect the BBC, funded by the license-fee payer, may have on the websites, Mr Harding said: "The BBC clearly affects us because they can provide their content for free... but we have a great relationship with our readers and I think they will choose to continue that relationship by paying for it."
News International, which owns the two papers, hopes that by charging for online content, the standard of journalism will improve.
Rebekah Brooks, chief executive of News International, said: "We expect to attract a growing base of loyal customers that are committed and engaged with our titles.
"We are building on the excellence of our newspapers and offering digital access to our journalism at a price that everyone can afford."
News International Limited publishes The Times, The Sunday Times, The Sun and News of the World.
Its parent company News Corporation is a major shareholder in BSkyB, which owns Sky News.
Speaking in November 2009, Mr Murdoch said of search engines: "When they click it, they get the page with the story that's in our paper.
"Who knows who they are or where they are. They don't suddenly become loyal readers of our content."
( source : Sky news)
