You can’t paint Elvis on velvet.
Elvis is copyrighted. But Corey isn’t.
The way I've heard it, you can make an Elvis painting and even sell it. You may not make 50 copies of the same painting and sell them.
And it matters not if you source from a photo or your own representation of Elvis. Elvis likeness has been "trademarked". It's all new ground in the copyright world.
The Louvre now claims copyright to the Mona Lisa. Long after the fact.