Dolly Parton's 'I Will Always Love You' was a No. 1 hit at country radio, and Whitney Houston's version is the No. 1 best-selling single ever by a female artist. But long before Whitney made the song a pop hit, it was almost cut by rock royalty.

"Felton Jarvis was producing Elvis [Presley] at the time, and he told me that Elvis loved the song and wanted to record it on their next session. I was so excited about it!" Dolly gushed Monday on 'The Morning Show with Mike and Juliet.' "But the morning of the session, [Elvis' manager] Colonel Tom Parker called and said, 'You know Elvis don't record anything unless we have the publishing.' That broke my heart! My mind didn't think money so much as I was thinking of my family and my copyrights. So I said, 'Well, I'm sorry but I'm not going to be able to do that.' And he said, 'Then we can't record it.' And I said, 'You just broke my heart.'"

Dolly says she's always wondered what Elvis' version of 'I Will Always Love You' would've sounded like. But her dreams of singing with The King aren't entirely over.

"Later on, I wrote a song called 'I Dreamed About Elvis' and had an Elvis soundalike sing on it," she reports. "And someday I'm gonna put that record out!"

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