The England Under-21 international has been sidelined for the past two months with a metatarsal fracture, which has forced him to miss the Reds' last 14 matches in all tournaments.
Elliott's absence has deprived Slot of a versatile option in the final third, as the former Fulham starlet is capable of playing either just off the striker or in place of Mohamed Salah on the right wing.
The 21-year-old has been restricted to just seven minutes of football under Slot so far, coming off the bench in August's 2-0 victory over Brentford in between being an unused substitute against Manchester United and Ipswich Town.
However, Elliott is on track to return after the November international break, as he was able to take part in a full training session with the club's Under-21 side on Monday.
Elliott to be fit for Man City, Real Madrid matches?
The attacker was unsurprisingly not called up to the England Under-21 squad for November's fixtures, and there is therefore a strong chance that he will be back at Slot's disposal immediately after the international break.
Elliott's return comes at a crucial time for Liverpool, who have opened up a five-point lead over Manchester City at the top of the Premier League table and also sit at the summit of the 36-team Champions League standings.
The Reds' first game back after the international break comes away to Southampton on November 24, three days before a grudge match against Real Madrid in the Champions League at Anfield.
Slot's side then open December with an equally mouthwatering tie at home to Manchester City in the Premier League, and the first Merseyside derby of the season takes place at Goodison Park on December 7.
Elliott will no doubt be targeting a comeback at St Mary's, where he will endeavour to build on a return of 10 goals and 15 assists from 120 matches in a Liverpool shirt across all competitions.
Will any other Liverpool injury victims be back this month?
Liverpool went into the international break with Alexander-Arnold as one of five injury victims, a list that also includes Trent Alexander-Arnold after he hurt his hamstring in the weekend's win over Aston Villa.
However, the right-back is understood to have avoided a serious issue and will only spend a couple of weeks out at the most, so there is still a possibility that he could return for the Southampton game.
The same goes for Alisson Becker (also hamstring), but Slot has no need to rush him back thanks to the impressive feats of Caoimhin Kelleher, while caution will be exercised over the injury-riddled Federico Chiesa too.
Diogo Jota (abdominal) was initially targeting a return for the trip to Southampton too, but Slot has conceded that the Portuguese attacker may need another couple of weeks after the international break to make a full recovery.