Ipswich right back joins on loan.
20-year-old Ellioitt, a Welsh U21s international, joins on a month's loan to provide cover in the defensive positions.
Predominantly a right back, he joined Town from Macclesfield after impressing for the then League Two club and has subsequently enjoyed a productive loan spell with Gillingham, where he played 20 games.
"We're pleased to have Elliott join up with on loan," boss Tony Humes said.
"He's a good young player who will help us move forward in the next month."
Subject to paperwork clearance, Elliott will be included in the U's squad for Tuesday night's Johnstone's Paints Trophy game against the Gills.