The video, created by Glue Isobar, features Page 3 favourite model Rosie in a parody of the ad, which features fast-talking, musclebound former American Football star Isiah Mustafa talking to camera.
Page 3 dates back to November 1970, during Edward Heath's tenure as prime minister, when model Stephanie Rahn became The Sun's first topless model.
Barnaby Dawe, marketing director for The Sun, said: "We were looking back over some of the iconic Page 3 images of the past and we came across an iconic black and white image of Felicity Devonshire – a Page 3 girl from 1973 – on a horse.
"The classic shot born an uncanny resemblance to the Old Spice advert. One thing led to another and before we knew it, we had cast Rosie and were in the studio filming our own version."
According to News International, the video has already garnered over one million views in just three days.
Despite attracting the ire of campaigners and politicians over the years, Page 3 girls have survived as a central element in the make-up of the country's biggest-selling tabloid newspaper.
As well as appearing in the paper every day, with their News in Briefs comment, they can also be seen representing the paper at major sporting events, starring in the annual Page 3 calendar, and also travelling to warzones to support British troops.