The Reds are reportedly in 'very advanced' talks to offload the midfielder to Valencia in a straight loan deal.
The midfielder situation was attracting interest from many major clubs across Europe.
The 23-year-old's fortunes have not changed since his disastrous stint with Aston Villa, who limited his minutes to get out of a conditional obligation to make his stay permanent.
Elliott featured five times for Liverpool in pre-season and provided an assist in the 4-2 win over Sunderland, but he was left out of Andoni Iraola's matchday squad for the 2-2 Premier League draw with Newcastle United.
The 23-year-old had a turbulent year. After being named Player of the Tournament at the 2025 U-21 European Championship, he was sent on loan to Aston Villa during the 2025/26 seaon.
But after only making four appearances for Unai Emery's side, the youngster's career has stalled. And it appears he isn't in Andoni Iraola's plans either.
On Thursday reports from Pete O'Rourke suggested that Italian clubs Napoli and Lazio were amongst several clubs interested in Liverpool's number 19.
Fabrizio Romano has added today that Valencia have made an official proposition to the Reds for Elliott's signature, and it appears personal terms have also been agreed.
Following his omission from the matchday squad in the 2-2 draw against Newcastle United, the young midfielder's story at Liverpool may be over.
Iraola said:
"With Harvey... I can only choose 20. Harvey is trying and improving every week but I still prefer other options, about the balance on the bench. That's why James McConnell was in the squad, but it's now another new week and new chances for everyone. They have to keep that mentality."
It's no lie that the former Fulham player is in a tough spot right now. Florian Wirtz and Dominik Szoboszlai are preferred at the number 10 role, while Iraola has signed a plethora of wingers for both sides.
In all honesty, Liverpool's number 19 is not quick enough to be a winger, but has enough quality to be starting at number 10 for a number of clubs. His quality is clear - but it's hard to find a spot for him in this iteration of the Reds.
Elliott was linked with a move to RB Leipzig prior to his move to the Midlands, and in hindsight, could have been a better choice. He certainly wouldn't have been the first English player to benefit from a move abroad.
But with the emergence of Trey Nyoni, James McConnell, Rio Ngumoha and the signing of Victor Munoz, it may be the end of his time at Liverpool.
Since joining in 2019, Elliott has made 93 appearances for the Reds, scoring five goals and winning an abundance of trophies along the way.
A move abroad would suit the youngster - still only 23, he has plenty of time left in his career and playing outside of the UK would be great for his development.
Valencia could be a bit of a difficult move for Elliott though - the Spanish side have struggled in recent seasons, and are yet to win a game in La Liga this season. They have only played two games, but this is still not the best sign.
He would probably play every week though, which is exactly what he needs.
Reports are that the move would be a loan with no obligation to buy, and considering the midfielder's contract runs out next summer - this would be another big financial loss for the Reds. Unless of course he signs a new contract before the move is finalised.
The lifelong Liverpool fan has deserved a better end to his time with the Reds, but football can be a cruel sport. What's most important, is that he is able to revive his career and showcase just how good he is to the footballing world.
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