The Reds will be without striker Alexander Isak, last season’s top scorer Mohamed Salah, who it the Africa Cup of Nations until January, and player of the season so far Dominik Szoboszlai when they host Wolves on Saturday afternoon.
As Slot prepares to rotate his side, Elliott, who joined Liverpool from Premier League rivals Fulham as a teenager, is still trapped at Villa under manager Unai Emery who is reluctant to start him.
On deadline day, he secured a season-long loan to Aston Villa, which could become a permanent £30M deal if he makes 10 appearances.
Elliott has currently made just five under Emery, and it seems unlikely that the obligation to sign him permanently will be triggered.
Speaking at his latest press conference, Slot ruled out Elliott returning and confirmed that he will stay with Villa until the end of the season.
"No, Harvey is an Aston Villa player and he is supposed to be going there for a season," Slot told a press conference this morning.
"So, questions about him, the best thing to ask is Aston Villa - they are doing really well, by the way."
The Independent report that Elliott's brief appearance for Liverpool against Newcastle at the start of the campaign means the deal can't be cancelled just to loan him out again.