The veteran singer, 75, will release the album - 'News of Just ... Fabulous Rock 'n' Roll' - in November, and hopes it will top the charts at Christmas.
One track, entitled Blue Suede Shoes, will feature Sir Cliff singing a 'duet' with the King of Rock 'n' Roll.
Cliff Richard and Elvis Presley 'duet' 'Blue Suede Shoes' (00:31)
Latest Audio (and video) updates : Video courtesy of Elvis Presley MP3 Audio Central.
Other songs on the album will feature Sir Cliff sing renditions of Roll Over Beethoven, Great Balls of Fire and Sweet Little Sixteen - as well as a new original track, It's Better To Dream.
It will also feature his debut single Move It. Sir Cliff released his first album 'Move It' in 1958 and said it was a lifetime ambition to sing a 'duet' with Elvis.
He added: 'Not only do I find it hard to believe that my career has spanned this length of time, but also that I still get the chance to do the thing I love best, and that is to get into a studio.
'My new CD is another dip into an incredible period of our musical history. A happy, creative, and in many ways an innocent time.'I will always love this music, but more importantly I hope you do too. Rock on!'