The owner of Elvis Presley Enterprises said it was scaling back plans to redevelop the Graceland attraction due to a difficult economic climate.
CKx Inc said expanding the visitors centre and adding new attractions, shops, and a new hotel adjacent to Elvis's former home would take several years and substantial financial investment.
It also said expenses for operating the Memphis tourist attraction rose last year due to higher professional and legal fees primarily related to a 2010 master plan that has been postponed.
The company is exploring opportunities to build a new Heartbreak Hotel with a partner, CKx chief executive officer Michael G Ferrel said.
But the other previously studied parts of the redevelopment would happen only in "incremental steps", depending on the economy, he said.
Presley lived at Graceland for 20 years before he died in August 1977. The home has been open for public tours since 1982.