Surrey-born Elliott became the youngest player in Premier League history when appearing as a substitute for Fulham against Wolves in May, aged just 16 years and 30 days. He made his senior debut for the Cottagers last September in the Carabao Cup against Millwall, aged 15 years and 174 days.
Elliott, though, grew up as a Liverpool supporter and sources have told Goal he has been desperate to make the move to Merseyside.
He cannot turn professional until his 17th birthday in April, but has rejected Fulham’s offer of a scholarship in order to sign with Liverpool.
He is expected to complete his move this week, with the Reds agreeing a significant compensation package for the player.
Fulham have been left disappointed by the situation, having made what they felt to be a substantial offer to the youngster. Elliott’s schoolboy contract at Craven Cottage expired at the end of June.
He will become the second highly-rated teen to move to Merseyside this summer, following in the footsteps of Sepp van den Berg, the 17-year-old defender signed from PEC Zwolle last month.
Van den Berg joined up with his new team-mates for pre-season training at Melwood on Saturday, and will play some part in the friendly at Tranmere Rovers on Thursday.
Elliott, too, could be on board by then, and it will be interesting to see how quickly he makes his mark on Liverpool’s senior squad given his tender years.
Speaking in May, Fulham boss Scott Parker described him as “a special talent”, while the Londoners’ captain Tom Cairney was even more gushing in his praise.
“He's been a sensation since he joined in training a few months ago,” he said. “He doesn't look out of place and does some bits of magic that everyone says 'wow'.
"His attitude and his belief in himself at such a young age is frightening. He's got a great football brain, an eye for goal and is a very entertaining player.”
For Liverpool, it is further evidence of the club’s desire to plan for the future by adding some of Europe’s most sought-after young talent.
It is not expected to be a summer of big spending at Anfield, but in Van den Berg and Elliott, Liverpool hope they have made two signings that will pay off handsomely in the long term.