The 22-year-old played just 360 minutes throughout Liverpool’s Premier League winning campaign, falling down the pecking order under Arne Slot.
Elliott has now opened the door to a potential exit from the club, saying he doesn’t want to “waste years” not playing.
Speaking to the media while on duty with England U-21, Elliott said: "It's just a situation that me and the team have to have a conversation about because I'm coming into an age now where I'm 22, I'm going to be 23 next season.
“I don't really want to be wasting years on my career because it's a short career. You don't know what's going to happen.
"I need to reflect. I need to see if I'm content in doing what I'm doing and how can I improve as a player, because that's the most important thing.
“I just want to improve and be the best possible version of myself. If that's to go somewhere else, then it's a decision that I'm going to have to make, and I just need to see what happens.
"Nothing makes me want to leave. I love the club, I love the fans, the team. I support them as well. But most importantly, it's just about what's best for my career."