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Spectacle: Elvis Costello With... will see Costello play host to musicians and other personalities and will feature performances and discussions.
Sir Elton, who will also appear, will act as executive producer on the Channel 4 series.
Costello said he would not be looking for guests' "dark secrets". "I'd rather hear about a deep love or a curiosity that might be obscured by fame."
He added: "This is a wonderful opportunity to talk in complete thoughts about music, movies, art or even vaudeville, then frame it with unique and illustrative performances."
Costello, 53, will collaborate with his guests, and will perform interpretations of some of their songs during the 13-part series.
The line-up for the show has not yet been revealed.
Sir Elton, whose Rocket Pictures firm is co-producing the series, called Costello "the foremost expert on popular music".
"I thought it would be sensational to use his knowledge and intelligence to explore the artistry of musicians and other fascinating people involved in making great music, as well as true music aficionados," he said
Channel 4 head of music Neil McCallum said it was a "phenomenal project".
"We're delighted Channel 4 viewers will be able to witness first hand a compelling mix of conversation and unique performances," he added.
The series will also air in the US on the Sundance Channel, and in Canada on CTV.
Costello already has TV experience, having sat in for US chat show host David Letterman in 2003.
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