The Rocket Man star is deeply concerned for the future of the British institution, which went into administration last month as executives revealed the company was on the brink of going bust.
It has now emerged the singer has approached bosses of his record label and suggested big name artists should schedule small in-store gigs to give the beleaguered chain a boost - and Sir Elton is planning to lead by example by playing in HMV shops himself.
The singer's spokesman, Gary Farrow, says: "Elton has always been a big supporter of record shops. He will be doing something with HMV although as yet we cannot confirm what or when that would be."
David Joseph, chief executive of Sir Elton's Universal UK label, adds: "We've got lot of artist support for HMV. Last week one of our biggest global superstars (Elton John) said why don't we get a lot of the biggest artists to start doing gigs in HMV, just to turn up and say these are music stores, come and get your music here."