This page should be made into a more comprehensive guide.
For now, see PackagingGuide/Python for a python application packaging tutorial created from an UbuntuOpenWeek session. Although the session is about packaging Python applications, most of it still applies to packaging individual modules. In a few places there are differences which are pointed out.
That tutorial assumes that you have already packaged your module using Python's packaging conventions. If that is not the case, you should do that first.