The Liverpool youngster suffered a dislocated ankle from a challenge by Leeds defender Pascal Struijk during their 3-0 Premier League victory on September 12.
Many feared that he wouldn't play for the remainder of the season, but the midfielder appears to be recovering superbly having undergone surgery after the incident.
And the former Fulham starlet posted some more encouraging signs on his social media, leading to speculation that he could feature much sooner than some expected.
Elliott posted on Instagram: "Another day closer," with a wink and muscle emoji.
The club also uploaded a photo of the 18-year-old, featuring photos of their man in the gym.
"With you every step of the way," said the caption.
Reds assistant manager, Pepijn Lijnders, revealed that Elliott had responded 'outstandingly' to the surgery in September, with his rehabilitation clearly continuing to go well.
"Harvey is Harvey, a young boy and he deals with it outstandingly, I have to say," Jurgen Klopp's no.2 said a few days after Elliott sustained the injury.
"If you see our squad of players, we have so many players who had not similar injuries, but similar situations where they had a long-term injury.
"You see that our group is a proper family, you see how they reacted when it happened - Naby [Keita] was with tears in his eyes next to the pitch, Curtis [Jones] was emotional.
"You see how much it means to all of us, not just from a football point of view, but from a young player point of view [who was] in such a good moment and we lost one of our better midfielders.
"He deals with it really well and we have a really strong structure in place with our medical department, with all the guys around, we try to support him as much as we can in these early stages.
"With a long-term injury, each day is a victory - the small things, step by step, and he's focusing on this."