Presley croons Blue Christmas, while Franklin performs Winter Wonderland on A Very Special Christmas: Icon, which will be released next week (15Oct13).
The compilation is the latest in a long line of holiday-themed albums that benefit the Special Olympics.
The first album was released in 1987.
This year's offerings include Wham!'s Last Christmas, John Lennon & Yoko Ono's Happy Xmas (War is Over) and I Saw Three Ships by Sting.
The album will also feature a new recording of O Holy Night by former Pussycat Dolls star Nicole Scherzinger, who admits she was thrilled to be a part of the compilation.
She says, "I love sharing my passion for music to support a cause as fantastic as Special Olympics."
Since its inception, the series has raised royalties of $116 million (£77.3 million) for the charity, according to Billboard.com.