The 23-year-old spent the 2025/26 campaign on loan at Aston Villa, but Unai Emery opted against activating his purchase clause on the England international, playing him just nine times, with only one goal scored.
A move away from Anfield over the summer was inevitable, despite featuring heavily in preseason, as Andoni Iraola remained unconvinced on his place.
However, the move to Spain has also fallen short of expectations, with Elliott coming in for major criticism in the Spanish press.
As per the latest from Football Insider, Leeds United are prepared to revive their interest in him, after losing out to Valencia back in August.
The former Fulham forward is out of contract in June 2028, but with no place for him back at Anfield, Iraola could be open to a £35M sale when the January transfer window swings open at the start of 2027.