The 30-year-old singer brought an Andy Warhol-esque version of the late star to life for the magazine's Icons spread. Perry told the publication, "Liz was so fabulous and decadent and had a style that evolved with the years."
"I thought it would be interesting to show how an established character with a strong personality might have fantasies about his image, which has nothing to do with the idea the general public has of them," photographer Jean-Paul Goude said of the shoot.
Oprah Winfrey and Mariah Carey, who emulated Glinda the Good Witch from The Wizard of Oz and Marie Antoinette, also posed for the issue. The pair shared their final shots on Instagram, with Winfrey declaring it was a "photo shoot like no other."
Perry released her fourth studio album, Prism, in October 2013, and will kick off the South American leg of her accompanying Prismatic world tour Sept. 22 in Lima, Peru. The singer is attempting to purchase a former nunnery from a reluctant convent in Los Angeles.