A boyhood Red and lifelong supporter of the club, Elliott has found regular first-team football difficult to come by this season under new manager Arne Slot.
After suffering a broken foot at the beginning of the campaign, he only returned to the squad at the end of November.
Despite his emotional ties to the club, his limited opportunities since returning have led to growing uncertainty about his long-term role at Liverpool.
Wolverhampton Wanderers are said to be among the clubs monitoring Elliott's situation. Wolves, who are also battling to retain key players, view the versatile midfielder as a potential addition should they lose others in the summer.
Wolves are preparing for a significant window themselves, anticipating the sale of forward Matheus Cunha for around 62.5 million pounds.
However, they are keen to avoid a major squad overhaul and are actively working to keep hold of Algerian international Rayan Ait-Nouri, offering him a new contract to ward off interest - including that from Liverpool.
The Midlands club appear to be planning carefully to strengthen their squad while maintaining stability.
Elliott's technical ability and potential make him a prime target, but Liverpool's firm valuation and his personal connection to the club could complicate any deal.
Mohamed Salah's exceptional season has earned him the 2024/25 Football Writers' Association Footballer of the Year award, cementing his status as one of the Premier League's finest talents.
Kevin De Bruyne is set to leave Manchester City this summer, and reports suggest Liverpool have already made an offer to sign the Belgian midfielder on a free transfer.
Mikel Arteta reckons Arsenal were sort of unlucky not to win the Premier League title, after they were beaten to the silverware by a dominant Liverpool side.
Liverpool midfielder Alexis Mac Allister believes the club's Premier League title triumph under new manager Arne Slot is the first step in what could become a new golden era at Anfield.
