The 16-year-old wonder-kid is the youngest debutant in the history of the Premier League, making his debut at the age of 16 years and 30 days when he came on as a late substitute against Wolverhampton Wanderers in May.
The England Under-17s midfielder, who will not be able to sign to a professional contract until his 17th birthday, is set to sign for the reigning European Champions this summer after rejecting approaches from the likes of Real Madrid, Paris Saint Germain, and RB Leipzig.
According to Sam Wallace, Elliot is expected to sign for Liverpool this month and the Merseyside giants will pay Fulham a significant compensation package which is yet to be agreed.
Fulham had been hoping Elliot would agree to continue his affiliation with the club by signing a professional contract but the lure of the Premier League was seemingly impossible to turn down.
Elliot is also the youngest debutant in the history of the English League Cup when he turned up against Millwall as a late substitute at the age of 15 years and 174 days.
Liverpool have a good track record when it comes to fast-tracking youngsters into the first team set-up and Trent Alexander-Arnold's example must have been on the back of Elliot's mind before making his decision.
The young Scouser is a European Champion with Liverpool and a regular member of the England squad but less than two years ago, he was an unknown commodity who'd only made a handful of appearances for the senior side.
Rhian Brewster, a highly rated striker at the Merseyside club, is another one who has been earmarked to make a big impact on the senior side for the forthcoming season and Elliot will be aiming to embark upon a similar journey into the first-team in the near future.