Mr Potato Head appeared as KISS last year, and this year he will take on The King of Rock 'n' Roll.
A series of collectable figures will be released, each with a variety of costumes, instruments and other iconic components representing Elvis Presley's most memorable performances.
The first will be released this August in conjunction with Elvis Week events at Graceland in Memphis and will feature the famous white jumpsuit, microphone and guitar.
A second version with the character wearing black leather from the 1968 Special Performance will be released during the 2010 Christmas season.
Components such as hairstyles, costumes, faces and musical instruments will be compatible with every version, so fans can mix and match the styles.