The 16-year-old joined the Reds from Fulham last summer and has seven first-team appearances during the 2019-20 campaign, including once in the Premier League.
According to The Mirror, the attacker has agreed a three-year contract at Anfield, although the agreement will not kick in until he reaches the age of 17 in April.
FA rulings stipulate that players under 17 cannot sign professional contract terms, meaning that the Englishman was not able to put pen to paper on a long-term deal upon his arrival at Anfield last summer.
Elliott's sole Premier League appearance came against Sheffield United at the start of January, but he has started all three of Liverpool's FA Cup matches this season.
The teenager has also contributed one goal and four assists in six UEFA Youth League outings this term. body check tags ::