Emery has stated there will be no permanent deal for the Liverpool midfielder.
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Even Elliott's full 90 in the Europa League win against RB Salzburg last night hasn't changed the manager's mind.
"His situation doesn't change," Emery insisted. "He played a fantastic game today but our idea with him doesn't change."
Meanwhile, Emery was also asked about morning reports yesterday that his agent has been speaking with Real Madrid.
The Basque replied: "Nothing to say about it."