Leicester's dealings in the transfer market have been held up as one of the key reasons for their success this season, with Walsh playing a key role in building the squad that is currently top of the Premier League.
And in an exclusive interview with Goal, Elliott - who was also full of praise for manager Claudio Ranieri - revealed that the 51-year-old's work at Leicester has not gone unnoticed.
"Claudio Ranieri has brought with him a feel good factor," he told Goal. "He hasn’t come in and swept the place clean with a new broom, but he could see by the run at the end of last season that there were a lot of positives and added to it.
“His recruitment of staff has been first class. Steve Walsh, for instance, has been a massive influence. Arsenal are desperate to have him on their staff and he’s just as much in demand as any of our players.
“But ultimately it is down the players, such as Jamie Vardy, N’Golo Kante and [Riyad] Mahrez."
Elliott spent eight years with Leicester between 1997 and 2005, making 245 league appearances for the club.
He also captained the Foxes when they last won a trophy - the League Cup in 1999-00 - and believes the current team have significantly raised the profile of the club.
“It has certainly put Leicester on the map, not just in Europe, but in the world," he added.
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“We’ve even become a tourist attraction. You see people from all corners of the world in the city now because of the appeal of the Premier League and what we’ve achieved.
“I have never heard so many different pronunciations of Leicester.
“We thought the remains of Richard III being found in a car park in the city and then internment at the cathedral was big news, but this is up there. The city has been on the front and back pages."