Elliott moved to Glanford Park from Torquay United in 1992, featuring in the fourth division playoff final defeat at the hands of Blackpool, before moving onto Oxford United for £150K in the November of 1993.
His £1.6million switch to Filbert Street in 1997 earned the Iron a £300K windfall in a sell on clause, and he helped the side to two League Cup victories and represented Scotland.
"I've told Matty it's a financial decision rather than a football decision, "explained Leicester manager Micky Adams, "he is fully aware of that but we have to cut our cloth accordingly."