Liverpool signed the teenage winger from Fulham last year and he made nine appearances for the senior side last season.
He also made another appearance for Liverpool in the EFL Cup, but he is not a regular part of Jurgen Klopp’s plans and the club have belatedly agreed to let him go out on loan.
Blackburn have emerged as the favourites to sign the winger on a loan and have held talks with Liverpool over getting a deal over the line.
And it has been claimed that Elliott has given his approval to a move to the Championship side on loan in the final few hours of the window.
Blackburn have managed to convince the player to accept a loan move and they are looking to work out an agreement with the Reds.
With only a few hours left in the transfer window, Blackburn are now in a race against time to get the deal over the line.
If the deal goes through, Liverpool are hopeful that a season of regular first-team football in the Championship will aid the teenage winger’s development.