We present a theoretical description of the thermopower due to magnon-assisted tunneling in a mesoscopic tunnel junction between two ferromagnetic metals. The thermopower is generated in the course of thermal equilibration between two baths of magnons, mediated by electrons. For a junction between two ferromagnets with antiparallel polarizations, the ability of magnon-assisted tunneling to create thermopower SAP depends on the difference between the size Π ↑,↓ of the majority and minority band Fermi surfaces and it is proportional to a temperature dependent factor (kBT /ωD) 3/2 where ωD is the magnon Debye energy. The latter factor reflects the fractional change in the net magnetization of the reservoirs due to thermal magnons at temperature T (Bloch's T 3/2 law). In contrast, the contribution of magnon-assisted tunneling to the thermopower SP of a junction with parallel polarizations is negligible. As the relative polarizations of ferromagnetic layers can be manipulated by an external magnetic field, a large differenceresults in a magnetothermopower effect. This magnetothermopower effect becomes giant in the extreme case of a junction between two half-metallic ferromagnets, ∆S ∼ −kB/e.