Furnish had earlier hinted to The Las Vegas Review Journal that the couple might be planning a May wedding, after same sex marriages became legal in March in England.
But the couple clearly decided it would be special to wed close to their anniversary.
The wedding will reportedly be held at their Windsor estate on December 21, which will be a private and intimate ceremony.
In 2005, Elton, 67, and David, 52, were among Britain’s first same-sex couples to tie the knot when civil partnerships were granted.
The couple are said to have invited 50 of their friends and family, which includes their famous friends such as David and Victoria Beckham, Elizabeth Hurley, and Ozzy and Sharon Osbourne.
An insider said, “Elton and David have been planning this for months. Elton is flamboyant but, for once, this will be decidedly low-key affair. Only close friends and family are invited – it’s going to be a small, intimate do”.
Elton and David, who have been together for 21 years, will have their two sons – Zachary, three, and Elijah, 23 months – as ringbearers in the wedding ceremony.
Elton John has always been outspoken on marriage equality, but has been more vocal this year as he has planned the wedding.
This past June, he had powerful words to people who use religion as an excuse to dismiss same-sex marriage.
The singer said, “If Jesus Christ was alive today, I cannot see him – as the Christian person that he was and the great person that he was – saying this could not happen. He was all about love and compassion and forgiveness and trying to bring people together and that’s what the church should be about”.
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