It shows Elton John through the years, going right back to his childhood.
"The ad tells the story of why Elton's piano was more than just a gift and we hope to remind customers of that special moment when they've given a gift at Christmas time that they know will be treasured forever".
However, following the release of the advert, the retailer has quashed the rumours and revealed exactly what Elton requested be done with his fee.
In a Christmas tradition that's rapidly grown to rival the appearance of the Coca-Cola truck, the John Lewis Christmas ad for 2018 has now dropped.
John Lewis addressed speculation about the cost of this year's ad, describing reports that it had paid Sir Elton £5 million as "wildly inaccurate".
The retail chain's annual tear-jerker to sell Christmas this year takes the form of Elton performing his first major hit Your Song, and charts his journey from playing the piano in school and in small London pubs to reaching global megastardom.
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What do you think of the Elton ad?
It's here. John Lewis have launched their 2018 Christmas advertising campaign, The Boy And The Piano. They've produced some truly heartwarming adverts over the years, check out some of the best John Lewis Christmas adverts. "Your Song" was first released almost 50 years ago and proves to be a timeless classic in the heartwarming Christmas advert that aims to spread the message that 'Sometimes a gift isn't just a gift".
He explained: "I think Elton has enjoyed the process of making this tremendously".
Elton John said: "The John Lewis Christmas campaign has so many warm memories for me and my family".
The John Lewis adverts have become as much a signal that Christmas is coming as the Coca Cola truck adverts.