Latest Liverpool transfer news: Fulham hope Reds pay more than £10m for Elliott
The 16-year-old left the Cottagers to join Liverpool after rejecting a scholarship from the Championship club.
The report adds that a tribunal will decide the compensation that Liverpool owe Fulham after Elliott made the switch.
The 16-year-old has already featured for the Liverpool first-team, in the pre-season clash against Napoli, and is with the team for their Evian training camp.
Liverpool hold record compensation paid for star
The Reds signed Danny Ings from Burnley a few years ago in a similar move, and had to pay a record compensation.
The English striker was loaned out to Southampton last season and made a permanent move this summer.
Elliott is one of the brightest players in the English system, and it is a bit of a coup for Liverpool to sign the 16-year-old.
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The winger holds the record for being the youngest player to feature in a Premier League game, and it will be interesting to see how things go with him next season.