The 39-year-old crooner will team up with the late musical icon on a new greatest hits collection on which some of the 'Jailhouse Rock' hitmaker's most well-known songs will be reworked with backing from the Royal Philharmonic Orchestra.
Speaking about the collection, Elvis' former wife Priscilla, 70, said: ''This would be a dream come true for Elvis.
''He would have loved to play with such a prestigious symphony orchestra. The music ... the force that you feel with his voice and the orchestra is exactly what he would have done.''
Michael - whose wife Luisana Lopilato recently announced she was pregnant with their second child - will duet with the star on 'Fever', with other famous tracks such as ''Love Me Tender' and 'Can't Help Falling In Love' also featuring on the record.
The new collection, which is titled 'If I Can Dream: Elvis Presley with the Royal Philharmonic Orchestra', will be released on October 30 through Sony Music Entertainment to celebrate what would have been Elvis' 80th year in 2015.
Later this year, ITV will also celebrate Elvis' life with an hour-long documentary called 'Joanna Lumley: Elvis and Me'.
The tracklist for 'If I Can Dream: Elvis Presley with the Royal Philharmonic Orchestra' is as follows:
1. 'Burning Love'
2. 'It's Now or Never'
3. 'Love Me Tender'
4. 'Fever' feat. Michael Bublé
5. 'Bridge over Troubled Water'
6. 'And the Grass Won't Pay No Mind'
7. 'You've Lost That Loving Feeling'
8. 'There's Always Me'
9. 'Can't Help Falling in Love'
10. 'In the Ghetto'
11. 'How Great Thou Art'
12. 'Steamroller Blues'
13. 'An American Trilogy'
14. 'If I Can Dream'
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