According to Sky Sports, the Englishman's contract will expire in the summer of 2027.
Klopp said that there is plenty to like about Elliott extending his stay at Anfield.
“There is so much to like about this. For us, as a club, we get to continue our journey with a special young player who has already made a big impact on Liverpool FC," he told the club's official website, as quoted by Anfield Watch on Twitter.
“For Harvey, he gets to carry on developing, improving and hopefully fulfilling his incredible talent at the club he has always supported. What’s not to like?
“It was always obvious that he was a good footballer but taking the next steps was always going to be about using information and experiences to grow and this is exactly what Harvey is doing.
“Harvey got a big knock last season but, like all of the experiences he has had so far, he used it to grow as a person and a player. Now it is all about carrying on enjoying his football as much as we enjoy watching him develop. It is an exciting time for him and for us.”
Anfield Watch Verdict
It is great to hear Klopp speak so positively about Elliott. The German's comments further reiterate that the midfielder has a bright future in the game.
Also, Klopp's comments must make Elliott feel on top of the world. There would be no better feeling than being praised by a world-class manager.
Klopp will work closely with Elliott over the next few years to improve him as a person and as a footballer.