The Reds midfielder declared Carvalho as the team-mate he most enjoyed playing with during their formative years at Fulham together.
"Me and him had a great connection, on the pitch as well as off the pitch and I will definitely look after him when he arrives. But to be honest, I don't even think I will have to do that, he will just fit in perfectly with the rest of the squad.
"He's got everything in him, every attribute you can think of, and that's why Liverpool have signed him. So I am very excited to see what he can bring to this team as well as all the fans and I am sure he will show them very quickly.
"So I am just very excited to see him again after three years or so and I am just very excited to share the pitch with him again."
Carvalho arrives at Anfield with the ability to play in a number of roles and Elliott does not believe the attacking midfielder needs to be confined to just one particular position at such a young age.
Elliott added: "His best position? I mean that is for him to answer to be honest with you. I think he is a very versatile player, he can play anywhere, and I am sure he will be willing to just play anywhere on the pitch.
"He just wants to play football. He has always had that hunger and desire in him and he just loves football. As a kid he has [had] so many experiences and memories back in the day when we've seen that in him. I am sure he will show it and bring it to Liverpool.
"He is a great kid and I am just very happy that he is signing with us and I am very happy I can share the pitch with him again."