The 17-year-old winger has been a regular with Jurgen Klopp’s senior squad since he swapped Fulham for Liverpool last summer.
Elliott, who is a boyhood Reds fans, has made nine senior appearances for the Merseyside-based club so far, with two of them coming in the league.
However, with a host of senior stars ahead of him in the pecking order, the teenager’s playing time at Anfield is expected to be limited this term.
Championship club Blackburn have expressed a late interest in taking Elliott on a loan deal and are looking to persuade the player to make the move.
Liverpool are also open to discussions over a temporary move for the highly-rated winger as they see an opportunity for him to play regularly.
It remains to be seen if Tony Mowbray’s side can manage to reach an agreement with the Reds over a loan deal for Elliott.
It is also unclear whether the Riversiders can convince the young Englishman to make the move before today’s deadline.