QPR loanee Tom Carroll wants to "make it at Tottenham" but is prepared to consider all of his options at the end of the season.
Ilkay Gundogan has commited his future to Borussia Dortmund by signing a new contract.
The 24-year-old Andalusian has spent the last three years on loan with Deportivo La Coruna, Getafe and then Real Betis, where he made 25 league appearances and scored one goal in the 2012-13 campaign.
A statement published on Elche's official website read: "The agreement reached for Ruben Perez to spend the next season on loan with the Franjiverde further strengthens the good relations between Elche and Atletico Madrid."
Elche, who will play in the Spanish top flight for the first time in 24 years after winning the Segunda Division, have already taken Sevilla duo Manu del Moral and Miroslav Stevanovic on loan, while signing defenders Cristian Sapunaru and David Lomban on free transfers.