Budapet's city council made the announcement Wednesday, nearly a month after municipal authorities named a small park after The King. The park name was chosen by voting on the city website.
During his last appearance on "The Ed Sullivan Show" on Jan. 6, 1957, Elvis sang a gospel standard, "Peace in the Valley," which Sullivan said reflected the singer's concern for Hungarians' plight after the short-lived uprising. Sullivan said Elvis wanted people to make donations to be sent to Hungary.
The Associated Press contributed to this report.