The brewer was threatened with legal action by the Elvis Presley estate over the name of their IPA, Elvis Juice.
Watt said: "We're caught in a trap and suggest the grey-suited hound dogs at the Presley Estate recognise that the name Elvis is not exclusive. So in an effort to patch it up, we've changed our names to highlight our burning love for the best grapefruit IPA out there.
"From this point forward, Elvis Juice is named after us, the brewers formerly known as James and Martin. We may even file a case against Mr Presley for using our names on all his records without our written permission."
Dickie added: "We would like to recommend that the Presley Estate diverts its attention to another potential source of quick remuneration, a brewery that calls itself 'The King' of beer."
This is not the first high profile dispute Brewdog has exploited for marketing purposes. In 2014, after the Portman Group cracked down on its labelling, the brewer issued "a formal apology for not giving a shit about anything the Portman Group has to say".