The 23 year-old endured a miserable loan spell at Aston Villa last season after struggling to win over manager Unai Emery during his time in the Midlands.
Emery rarely selected the versatile player and quickly decided against triggering the permanent purchase clause inserted into the original temporary agreement.
A £35 million permanent transfer option would have automatically activated had the player completed ten appearances in the Premier League.
The forward ultimately managed only four top-flight matches alongside four appearances in Europe and a solitary outing in the domestic Cup competition.
The player was stopped from joining a third club during the winter transfer window due to strict registration rules governing domestic transfers.
Aston Villa officials attempted to cut the deal short and send him back to Merseyside in January but the proposed move was legally blocked.
This frustrating scenario left his development in complete limbo for months but the upcoming campaign provides an opportunity to impress his new manager.
Iraola has publicly stated that every individual in the squad will start pre-season training with a completely clean slate this summer.
Elliott has already demonstrated his immense desire to succeed by working through the off-season with specialist performance coach Scott Chickelday.
Scott Chickelday published footage of the forward sharp movements on social media and praised the attacker for his relentless work ethic ahead of pre-season.
The trainer indicated that the player is looking sharp and showing excellent movement on the ball during their intensive individual training sessions together.
The young forward is determined to put his recent disappointments behind him and establish himself as a regular starter under the new coaching regime.
The upcoming pre-season schedule will offer the perfect platform for the attacker to prove he deserves a regular role in the squad next year.