The promising attacking midfielder was considered by both the Hatters and Sheffield Wednesday on a temporary deal until the end of the season.
"With the greatest of respect, Elliot hasn't gone out yet and over time he might have, but we just needed a little push.
"So we could have had a look at him, but if there's no opportunity of us ever buying him then it's very difficult bringing him in on loan.
"I'm delighted for him, he's a great kid, I got to speak to him a few times, with the permission of Newcastle, a great kid, wants to play football, will do very, very well I know and will do really well at Bristol.
"So he's someone that we liked, but probably wasn't right in this window, that's all."
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