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Costello, who was nominated for an Oscar for his work on Cold Mountain, will record classical work Il Sogno with the London Symphony Orchestra.
The musician is currently working on the rock release in Memphis, Tennessee.
The 49-year-old scored his biggest UK hits with songs including Oliver's Army and I Can't Stand Up For Falling Down in the late 1970s and early 1980s.
Costello's classical composition was commissioned by Italian dance company Aterballetto for their production of A Midsummer Night's Dream.
The ballet has already been on tour in Italy, Germany and Russia using his music - and both albums are due to be released in the autumn.
Elvis Costello was born Declan MacManus in Merseyside, and made his musical name with his post-punk band The Attractions.
The group enjoyed a string of chart hits in the late 1970s, including Watching The Detectives and Accidents Will Happen.
Costello has also composed music for television, with his theme to 1991 drama GBH winning him a Bafta award, while he has won two Ivor Novello songwriting gongs during his 25-year career.
He has collaborated with a varied range of musicians, including Sir Paul McCartney, The Brodsky Quartet and Burt Bacharach, which won him a Grammy Award.
Costello's most recent album was North, a jazz-influenced cycle of songs based on the theme of love lost and found.
In December 2003, he married musician Diana Krall at a ceremony held in Elton John's mansion. The couple live in New York.
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