US ice cream maker Ben & Jerry's will launch the Goodbye Yellow Brickle Road flavour to mark his first visit to their home state of Vermont.
The chocolate, peanut butter and cookie dough flavoured ice cream is named after Sir Elton's song Goodbye Yellow Brick Road, a hit in the 1970s.
It will be available for only one week, timed to coincide with Sir Elton's concert in July in Vermont, the only US state he had never played.
Sir Elton, 61, who has sold 250 million records worldwide, said: "I can't think of a more fun way to celebrate playing my 50th state, Vermont, than having Ben & Jerry's create a special ice cream with all my favourite flavours and ingredients."
The ice cream company will donate all the profits to his Elton John Aids Foundation, set up by the artist in 1992.
Sir Elton raised £10 million for the charity last month at his White Tie & Tiara Ball.
Other celebrities that have had ice creams created in their honour, include Jerry Garcia, actor, Dave Matthews, musician, and the Monty Python team.
Jerry Greenfield, Ben & Jerry's co-founder, said: "We think he saved the best for last. There was only one way we could honour Sir Elton, and this monumental occasion, in true Ben & Jerry's fashion."
