The Collaborative International Dictionary of English v.0.48:

Deify \De"i*fy\, v. t. [imp. & p. p. Deified; p. pr. & vb. n.
   Deifying.] [F. d['e]ifier, LL. deificare, fr. L. deificus.
   See Deific, Deity, -fy.]
   1. To make a god of; to exalt to the rank of a deity; to
      enroll among the deities; to apotheosize; as, Julius
      C[ae]sar was deified.
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   2. To praise or revere as a deity; to treat as an object of
      supreme regard; as, to deify money.
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            He did again so extol and deify the pope. --Bacon.
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   3. To render godlike.
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            By our own spirits are we deified.    --Wordsworth.
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WordNet (r) 3.0 (2006):

deify
    v 1: consider as a god or godlike; "These young men deify
         financial success"
    2: exalt to the position of a God; "the people deified their
       King"