Dolly Parton wants to pen a film about her mega-hit 'I Will Always Love You'.

The 73-year-old country music legend has vowed to make a film if her anthology Netflix series - which is inspired by her music - is a success. 'Heartstrings' plays out eight of Dolly's iconic songs into mini-movies for the streaming giant, and now the singer-songwriter is considering making a film out of the 1974 hit made famous by Whitney Houston after Elvis Presley wanted to record it.

During an interview on 'Late Night with Seth Meyers,' Dolly explained: ''Colonel Tom [Elvis' manager] said I had to give away half the publishing, because Elvis didn't record anything unless he had half the publishing. I told him I couldn't do it, because I was leaving that [the money] for my family ... After Whitney recorded it, I realised that that was the best choice.''

Whitney Houston's version was released on 'The Bodyguard' soundtrack two decades later, which became one of the best-selling singles of all time.

The revamped hit made Dolly rich with royalties when it reached number one for ten weeks, adding: ''I was so flattered, so honoured and so lucky that she did it, because the song didn't sound like that when I had it.''

However, she didn't let The King of Rock and Roll go home empty handed.

Dolly added: ''I did write a song later, called 'I Dreamed About Elvis', and I had an Elvis sound-alike sing with me on it and we did sing 'I Will Always Love You', so maybe someday I'll put that out, and eventually on the Netflix (series), if this goes on, I'll do a movie about 'I Will Always Love You' too.''