The '9 to 5' hitmaker was ''desperate'' to have The King release a version of the track in 1975, but called off their agreement when his representatives told her she had to sign away the publishing rights to the song.
She said: ''His manager Colonel Parker called me up the day before he was due to record the song and said, 'Now you know Elvis has to have the publishing rights or at least half the publishing rights of any song he records.'
''I was desperate for Elvis to sing my song and I'd told everyone he was going to sing it, but I couldn't let that happen. It's my song, my publishing rights. It broke my heart but I had to turn him down.''
In 1992, the late Whitney Houston covered the song for the movie 'The Bodyguard' and it went on to earn the 72-year-old singer over £15 million in royalties, so even though the track has become more associated with the 'I'm Every Woman' hitmaker, than herself, Dolly doesn't mind.
She told Event magazine: ''People say it's Whitney's song, and that's all right as long as they send the cheques to me!''
Dolly has been happily married to Carl Dean since 1966 bu she admitted she was always ''too selfish'' to have children because of her focus on her career, and she doesn't regret her decision.
She admitted: ''I was too selfish to have children. The biggest thing I wanted was my career. I wanted to be married, I wanted never to be divorced, I wanted to be a big singer and that was all I thought about.
''Later in life I did think about it, but nothing happened and I accepted it.
''I'm never going to say it's something I regret because that would not be true. It was my choice to put everything into having this career. I believed I could have it but it took work - and it still takes work.''
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