Scans on Monday afternoon have confirmed Elliott has a minor ankle sprain and will miss a few training sessions to allow the injury to heal.
The club was fearing the worst earlier in the day, after he limped off the training track early following a knock to his ankle in a five-on-five training drill.
The 24-year-old took no further part in training and was taken straight for scans.
It is a rare piece of good news for Elliott, who missed the entire 2016 season due to a persistent back injury.
— Collingwood FC (@CollingwoodFC) February 20, 2017
Elliott played the first half of the JLT Community Series match against Essendon on Thursday night, his first game of senior football in 18 months.