The Canberra Raiders' bid is set to severely hamstrung by the club's off-field and salary cap position.
First reported on Monday, the green machine were understood to be keen on having discussions with the former Bulldog about potentially joining the club.
Elliott was let go by the Bulldogs following an off-field incident at the end of the 2021 season which saw him miss the final two games of the season as he was stood down by the club.
The middle forward, who can also play on an edge, would fill a significant hole left by the departures of Ryan James, Iosia Soliol and Siliva Havili, however, his asking price may be too high for Ricky Stuart's side.
The Raiders are desperate to turn around a horrid 2021 which saw them finish outside the top eight, despite most pre-season predictions having them among the top six teams in the competition with a possible opportunity to push for the premiership.
The Canberra Times are reporting that the Raiders are a "long shot" of securing Elliott, who is still believed to have a contract on the table from the Wests Tigers, despite rumours he had knocked the club back.
All Run Metres
The middle forward has a year to run on his contract, but the publication are reporting the men from the nation's capital are ready to make a play for the out of favour Hola.
The 22-year-old only made three appearances in Todd Payten's side during 2021, taking his career tally to 12 matches.