The midfielder joined Valencia from Liverpool in September, hoping regular football in LaLiga would help revive his career after a frustrating loan spell at Aston Villa last season.
Instead, opportunities have been limited. Elliott has made six league appearances, all from the bench, totalling only 152 minutes. He has yet to start a LaLiga match, and his position at the club is now reportedly under review.
Spanish newspaper Las Provincias has reported that Valencia could seek to terminate the agreement if his situation does not improve in the coming weeks. The report suggests discussions with Liverpool may take place ahead of the January transfer window.
Elliott’s arrival was intended to provide Valencia with an attacking option capable of making a difference, but the club have undergone changes since the summer. Sporting director Braulio Vázquez has inherited a number of recruitment decisions from the previous regime, with the midfielder among the players whose situations require attention.
His limited involvement has been compounded by disciplinary trouble. Elliott was sent off late in the defeat against Villarreal, leaving him suspended and further reducing his opportunities to impress.
He subsequently apologised after scoring a free-kick in the Copa del Rey against Tavernes, but his longer-term prospects remain uncertain.
There have also been reports in Spain about concerns over his physical condition when he arrived, although those claims have not been independently confirmed. They should not be treated as an established explanation for his lack of selection.
Valencia are reportedly weighing up whether an early termination would allow them to redirect part of their wage budget towards other areas of the squad. The club have struggled for consistency and may look to make changes when the transfer window reopens.
Liverpool, meanwhile, would have to consider what happens next if Elliott returns to Anfield. The 23-year-old remains under contract with the Reds until 2028, but his immediate future on Merseyside is also uncertain.
For now, the proposed early return remains a possibility rather than a completed decision. Elliott still has time to change the situation in Spain, but he needs more opportunities and a stronger run of performances if he is to convince Valencia to keep him for the remainder of the season.