Elvis was a big fan of the song and wanted to do a cover. This news, of course, thrilled Dolly, but once she spoke with his manager, Colonel Tom Parker, he told her that in order for Elvis to record the cover she would need to sign over 50% of the publishing rights to Elvis.
Dolly refused — she had a policy against signing away her publishing rights — and Elvis never recorded the cover.
That decision, according to Dolly, was difficult. She said: “That broke my heart, because I loved Elvis. I cried all night. Other people were saying, 'You're nuts. It's Elvis Presley. I mean, hell, I'd give him all of it.’ I said, 'I can't do that. Something in my heart says don't do that.' And I just didn't do it, and they didn't do it."
Dolly's decision not to sign over her publishing rights has made her millions of dollars in royalties from the song over the decades.