The 17 year-old has signed a three-year deal which is the maximum length for a player of that age.
The Fulham youth product came to the Reds last summer with big wraps attached having being the youngest player to make a Premier League appearance at just 16 years and 30 days.
A lot of clubs were interested in him but the combination of being a lifelong Red and the prospect of being managed by one of the best developers of young talent meant that Liverpool were the right club for him.
The progress of Elliott has been steady making eight appearances which is compiled of six starts in the Carabao and FA Cups and two late substitute appearances in the league.
Speaking after signing on the dotted line, Elliott displayed his clear delight as the Echo reported.
“I think since the first day I've walked in, it's been an indescribable journey so far.
“I think now to top it off with my first professional contract is a dream come true for me and my family.
“I'm excited to see what the future holds and I'm just excited to give everything to the club and the fans.
“I think when I stepped out on the Anfield pitch when I played Arsenal (for his home debut), I think it was an emotional thing for me.
To obviously be watching the players and to be playing them with them, honestly it's a dream come true.
“To be in and around the fans as well, to hear them singing You'll Never Walk Alone when you're stepping out on the pitch, it did bring a tear to my eye. I just can't wait to give everything back to them and just to show them what I can do."
Jurgen Klopp was understandably thrilled with the news and paid great credit to the character of the young winger.
"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."
But Klopp issued a word of caution regarding the next step for Harvey.
“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.
“We now have shared responsibility. He must remain committed to learning and improvement and we must ensure he has the opportunity to do that.”
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