The photograph shows Elvis at the age of 68, complete with wrinkles and grey, receding hair.
The King of rock and roll died at the age of 42, on 16 August, 1977.
Some fans refuse to believe he actually died and this new image might provide them with some clues as to who they should be looking for.
Professor David Perrett and Dr Bernard Tiddeman used ageing software to reproduce the natural effects of ageing, taking into account changes in skin texture, hairline and hair colour.
They began their project by using an image of Elvis in his early twenties.
Prof Perrett is head of the Perception Laboratory, which develops software to manipulate facial images and is where the Elvis picture was created.
Speaking in The Sun newspaper he said: "It's not just a case of adding wrinkles - the texture of the face changes with age too.
"The hair also changes colour and recedes."
Dr Tiddeman specialises in computer graphics and developed the software used by Prof Perrett.
The ageing software has been developed over the last 10 years and is sometimes used to assist in missing person enquiries.
Prof Perrett and Dr Tiddeman previously created aged images of Hollywood stars Marilyn Monroe and James Dean, who both died at a young age.
The music of Elvis Presley remains hugely popular and his Graceland home in Memphis attracts more than 500,000 visitors every year.
People can see how they will age by posting a photograph of themselves on the Perception Lab website.
Prof Perrett added: "You can see the transformation within seconds but a more accurate image takes longer."