According to The Times, Leipzig have made direct contact with the Reds over a potential deal for Elliot as they look for a replacement for Xavi Simmons who left the club to join Tottenham Hotspur.
However, any move for Elliot appears unlikely unless Liverpool are able to sign Alexander Isak from Newcastle United, according to Ben Jacobs of the Times.
"Leipzig's Marcel Schäfer is currently in touch with Liverpool, but Jurgen Klopp is not involved in any talks. No bid as of Friday morning, but that could change with Xavi Simons set to join Spurs. Understand Tyler Dibling (40m pounds), Mateus Fernandes (38m pounds), Jacob Ramsey (40m pounds), Omari Hutchinson (37.5m pounds) and Malik Tillman (40m pounds) are all viewed as yardsticks for valuation," he said.
"Liverpool are hesitant to sanction an Elliott exit unless a new attacker arrives or Leipzig spend the majority of their 50m pound Simons fee. Elliott's versatility mean he remains valued as a squad player if he stays."
Unai Emery is desperate to keep hold of the England international and Villa have slapped an £80m price tag on his head to ward off suitors, but Football Insider claim he's "emerged as a potential target for the Reds ahead of the 1 September deadline, with those at Anfield being huge admirers of the 23-year-old former Man City academy gem".
"Liverpool have already discussed internally the potential of signing the six-time England international as a replacement for Harvey Elliott', who's now being targeted by RB Leipzig after Xavi Simons left the Bundesliga club for Tottenham.
It remains to be seen whether Newcastle will now open the door for Isak to leave having got Woltemade through the door, but it's been claimed Liverpool may also make a late bid for Aston Villa's Morgan Rogers, who's been linked with a number of top Premier League clubs this summer.