Akinfenwa, a boyhood Liverpool fan, revealed all in a recent interview with Liverpool fan site Anfield Watch.
The 39-year-old believes Elliott is starting to reach the levels of Liverpool's current forwards and is delighted at his progress since his move to Anfield.
"He would have been in that front three [before his injury], but he has come on leaps and bounds", he said.
Elliott joined Liverpool from Fulham in the summer of 2019 as a 16-year-old, having previously made three appearances for the Cottagers in the Championship at the age of just 15.
Akinfenwa knew Elliott was going to be a special player and remembers the time he went head-to-head with the teen sensation.
"I played against him last year in the Championship," he added. "He was one that I wanted to kick up! I just couldn't get close to him, and I was watching him from the bench and he was running it."
Elliott is rubbing shoulders with Liverpool's senior players like Jordan Henderson, James Milner and Virgil van Dijk, and Akinfenwa believes being around such experience, will stand him in good stead as he returns to the first-team fold.
"I love the fact that he has that confidence, the senior figures at the club and in squad trust him, and you can see it in his performances on the pitch.
"When things don't go right, he goes again, he is really one for the future, I have nothing but high praise for him.
"I think he is back training now, he will be like another new signing, and he will continue to inject that level of pace".
The experienced Wycombe striker also singled out Diogo Jota and saying the Portugal international can continue to get even better.
Jota has netted 27 times in 58 appearances in all competitions for the Reds since swapping Wolves for Liverpool at the end of the transfer window in 2020.
The 25-year-old is continuing to impress at Anfield keeping Roberto Firmino out of the team.
Akinfenwa said: "Jota, I have been impressed with, I think he has been a bad boy singing."