We present a model of the thermopower in a mesoscopic tunnel junction between two ferromagnetic metals based upon magnon-assisted tunneling processes. In our model, the thermopower is generated in the course of thermal equilibration between two baths of magnons, mediated by electrons. We predict a particularly large thermopower effect in the case of a junction between two half-metallic ferromagnets with antiparallel polarizations, SAP ∼ −(kB/e), in contrast to SP ≈ 0 for a parallel configuration.Spin valve systems and magnetic multilayers displaying giant magnetoresistance effects also exhibit substantial magnetothermopower 1-6 with a strong temperature dependence. In metals, the thermopower S is related to the conductivity of electrons taken at a certain energy, σ(ǫ), by the Mott formula,T /3e) (∂ ln σ(ǫ)/∂ǫ) ǫF , so that it typically contains a small parameter such as k B T /ǫ F . Theories of transport in magnetic multilayers with highly transparent interfaces based upon the use of the Mott formula have explained the difference between thermopower in the parallel (P) and anti-parallel (AP) configuration of ferromagnetic layers as due to either the difference in the energy dependence of the density of states for majority and minority spin bands in ferromagnetic layers, 8,9 or a different efficiency of electron-magnon scattering for carriers in opposite spin states.3 In particular, the electronmagnon interaction in a ferromagnetic layer was incorporated to explain the observation 3 of a strong temperature dependence of S(T ) and gave, theoretically, a much larger thermopower in the parallel configuration of multilayers with highly transparent interfaces than in the antiparallel one, S P ≫ S AP .In this paper we investigate a model of the electronmagnon interaction assisted thermopower in a mesoscopic size ferromagnet/insulator/ferromagnet tunnel junction, which yields a different prediction. In the model we study below, the bottle-neck of both charge and heat transport lies in a small-area tunnel contact between ferromagnetic metals held at different temperatures, T ± ∆T /2. The thermopower is generated in the course of thermal equilibration between two baths of magnons, mediated by electrons. We find that the magnetothermopower effect is most pronounced in the case of half-metallic ferromagnets, where the exchange spin splitting ∆ between the majority and minority conduction bands is greater than the Fermi energy ǫ F measured from the bottom of the majority band, and the Fermi density of states in the minority band is zero. In a highly resistive antiparallel configuration of such a junction, where the emission/absorption of a magnon would lift the spin-blockade of electronic transfer between ferromagnetic metals, we predict a large thermopower effect, whereas in the lower-resistance parallel configuration thermopower appears to be relatively weak:We also found that for a junction between two conventional ferromagnetic metals, the ability of electronic transfer assisted by magnon emission/absorption to create th...