The Reds signed the attacking midfielder from Fulham for a transfer fee of £5.31 million earlier this month.
Elliott played with Carvalho during his time at Craven Cottage (2018-2019).
The Englishman believes that Liverpool's newest signing possesses all the attributes required to be successful at Anfield.
"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.
"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."
Anfield Watch Verdict
We are delighted that Liverpool signed Carvalho. He is a talented player. The 19-year-old scored 11 goals and registered eight assists in 38 appearances for Fulham last season.
The attacking midfielder also averaged a WhoScored player rating of 7.12 across the 2021-22 Championship campaign.
The exciting thing about Carvalho is that he is far from the finished article.
He is only going to improve over time. We wish Carvalho all the best ahead of the his debut season at Anfield.