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 top flight appearances to date at Anfield.
The 19-year-old only signed a long-term contract until 2026 last summer but suffered heartbreak early in the campaign when a serious ankle injury at Leeds United ruled him out for five months.
He made 11 appearances last season, helping Liverpool win the Carabao Cup and FA Cup.
Speaking to Liverpool's official website after penning his new deal, Elliott said: “It’s always nice to know that I’m going to be here for many more years, which is always a great thing with it being my boyhood club and there is nothing in this world that makes me more happy and more excited than this.
“It’s been a big rollercoaster for me and my family and even for the club. So much has happened in the years that I have been here.
“We’ve already won so much and hopefully we can win so much more, so just to know that I am going to be here for a long time again – as I said, it’s always a wonderful feeling for myself and my family [and] being Liverpool supporters there is no better place in this world to be than playing for Liverpool and to put the shirt on and go out and play for the team and the fans.
“I’m hoping there are many more memories to come with it but I’m just so excited to put pen to paper and stay here for a lot longer.”
Elliott appeared as a second half substitute when Liverpool started their season with a 2-2 draw at Fulham last Saturday.
