Elias started out with Swansea City as academy manager in 1995 before moving to Southampton.
He was Liverpool's Academy head of recruitment after joining the Reds from Southampton in 2007.
His departure from Liverpool in the summer of 2009 saw him move south to Fulham, where he would serve as their head of academy recruitment for the past 16 years.
In a statement, Fulham said: "It is with profound sadness that we announce the passing of our colleague and dear friend, Malcolm Elias, after a short illness.
"The club's head of academy recruitment, Malcolm had a fantastic reputation in football for unearthing and nurturing young talent.
"The influence that Malcolm had on the modern game cannot be understated, having worked with and developed the likes of Theo Walcott, Gareth Bale, Trent Alexander-Arnold, Harvey Elliott, Luke Harris and Jay Stansfield, to name but a few."