The new version, which sports a rap intro from the 'Get Ur Freak On' star, began circulating the internet yesterday ahead of its scheduled release on Monday.
Elliot's 35-second opener includes the lyrics: "It's a Friday night now here we go/ I ain't no stripper but I work the pole/ Bartender can you pour some more/ And I'm so tipsy coming out the club."
The hip-hop legend also makes a brief reappearance towards the end of the track, sounding off an electronic version of Perry's "T.G.I.F." chant.
Perry previously enlisted rap star Kanye West to rework the single version of her Teenage Dream track 'E.T.'
'Last Friday Night (T.G.I.F.)' this week topped the US Pop Songs chart, making Perry the first artist in 19 years to have five number ones from a single album.
The track currently sits at two on the Billboard Hot 100 and is the only release from Teenage Dream so far not to reach pole position.
Listen to the Missy Elliot remix of Katy Perry's 'Last Friday Night (T.G.I.F.)' below: