Elliott has enjoyed another productive start to the season with the Reds, featuring 18 times already this campaign under Jurgen Klopp.
While he has been a regular starter in the Europa League and Carabao Cup, Elliott has generally been used as a substitute in the Premier League, a role he has excelled in for Liverpool this term.
The former Fulham man has also been in impressive form for the England U21s, netting three times during the November international break for Lee Carsley's side.
While Elliott has shone at times this season, the arrival of Dominik Szoboszlai, Ryan Gravenberch and Alexis Mac Allister has somewhat limited his minutes, but Wright still believes that the 20-year-old has huge potential.
Speaking to the Premier League (via HITC), Wright said: "I like him [Elliott]. He is somebody that the potential he has [is big].
"He obviously had that injury. But as a player, and the way he sees the game, his passing, his mobility, the capability and like he said he has to score more goals.
"He again is somebody that, if he can get anywhere near his potential, then Liverpool have a proper player on their hands. So, I am really excited for him."
Elliott certainly still has some gears he needs to go through to force his way into Klopp's starting lineup for the big occasions, but it's easy to forget how young he still is.
If he can make good on his potential, then Wright is correct in saying that Liverpool will have "a proper player on their hands."