Elliott, who is current managing director at Chrysler Jeep UK, leaves the United Kingdom at the end of March but will continue his involvement with the Iron from his new home in Beijing.
"We have agreed a further year as the club sponsor, taking our commercial involvement to the end of the 2007/08 season," he told the Scunthorpe Telegraph.
"And this involvement will develop further with an announcement to be made during the close season."
Iron chairman Steve Wharton also reckons Elliott's trip the the far east could see the club forge links with Chinese clubs.
"We will see less of Simon, but no matter where he is, he will be thinking and caring for Scunthorpe United," he said.
"I am very excited at the possibility of the club forging new links with the far east."