Elliott, the Premier League’s youngest ever debutant at 16 years and 30 days, joined Liverpool from Fulham in the summer of 2019 and has taken in nine first team appearances to date at Anfield.
Now 18, Elliott was shipped out on loan to Ewood Park at the start of the 2020/2021 season and he made 41 appearances in the second tier, scoring seven goals and providing 11 assists.
Elliott’s impressive performances earned him a nomination for the championship’s young player of the season award and he has been rewarded with a spot in Liverpool’s pre-season squad as the Reds step up preparations for the 2021/2022 campaign next week.
On the special feeling of representing Liverpool, Elliott told the club's official website: "It’s always going to be there throughout the years I’m here. Hopefully it’s going to be a long time.
"There’s always going to be those butterflies whenever you put on the shirt, whenever you go out to train and play, whenever you’re involved in the club there’s always that feeling.
"Especially for me, being a Red, as well as my family – it’s nice to make them proud and make myself proud. But the hard work carries on.
"It’s always a nice feeling when you sign a new contract – especially for your boyhood club. It’s all done and dusted now so I’ve just got to focus on pre-season, get my work in and make sure I’m ready for the season."
He added: "I think that’s got to be everyone’s aim: to get in the team. To get in and around it at least.
"It’s not going to come easily; there’s a great bunch of boys here and great talent. But it’s down to me to work hard. I believe in myself that I can do it. I just want to be around the team, support everyone and be there if needed.
"Ever since I first walked through the door they [the coaching staff] have showed [faith]. They show it with every single player; they always have faith in you.
"They’re always giving you 100 per cent on the training pitch and off the training pitch, always wanting you to be the best possible person and player. I feel like there’s a lot of faith in me. But it’s just down to me to go and show it and prove them right."