Elliott signed his first professional contract with the Reds on Monday after he turned 17 in April.
“Brilliant news – really happy," Klopp told Liverpoolfc.com.
“Harvey is such an exciting prospect. We all know his qualities – we have seen them this season in the first team and U23s.
“I love his attitude – love his enthusiasm – love his bravery – love the fact he has the right amount of football confidence and cheekiness.
“I think the public maybe doesn't know the real Harvey yet and part of that is because we have looked to shield and protect him.
“But he is such a nice, polite, humble boy – who is appreciative of the talent and opportunity he has – and just loves football. He loves the game first and foremost, would play every minute of every day if he could – and he loves this club also and that's a nice mixture.
“What is critical – so important – is that he is given time and space to develop. He will get that from us. He needs to be allowed to make mistakes while he learns and not feel more pressure than is right and fair.
“He is young and he is in the early stages of his development still.
“What is great is that he has the perfect culture here and we will protect him. The senior players and the coaches really care about him and are as excited as I am about his future. So, we will all be part of his story as it unfolds."