The respective estates of each artist have revealed plans to work on recreating the deceased stars' images for live tours and experiences.
Jeff Jampol, who manages the estate of Morrison, admitted that he has been exploring the idea of creating a 3D hologram of the star over the past decade.
He told Billboard: "Hopefully, 'Jim Morrison' will be able to walk right up to you, look you in the eye, sing right at you and then turn around and walk away."
Meanwhile, Hendrix's sister Janie is known to be working with a London-based company called Musion Systems on creating a hologram of her brother, but has made no final decision on whether it will tour.
"For us, of course, it's about keeping Jimi authentically correct. There are no absolutes at this point," she stated.
The popularity of hologram technology came to a head back in April when an image of Tupac Shakur performed on stage alongside Snoop Dogg at the Coachella music festival in California.
Since then, the creators, Digital Domain Media Group, have revealed plans to take Elvis Presley back on tour.
Watch Tupac Shakur's hologram perform at Coachella 2012 below: