Eliiott has signed a three year deal with the Reds having been eligible to do so since turning 17 on April 4.
He arrived from Fulham last summer and he became the second-youngest player in the club’s history when making his debut at MK Dons in the League Cup in October.
On Elliott’s contract, Klopp told the Liverpool Echo: “Brilliant news – really happy. Harvey is such an exciting prospect. We all know his qualities – we have seen them this season in the first team and U23s.
“I love his attitude – love his enthusiasm – love his bravery – love the fact he has the right amount of football confidence and cheekiness.
“I think the public maybe doesn’t know the real Harvey yet and part of that is because we have looked to shield and protect him.
“But he is such a nice, polite, humble boy – who is appreciative of the talent and opportunity he has – and just loves football. He loves the game first and foremost, would play every minute of every day if he could – and he loves this club also and that’s a nice mixture.
“What is critical – so important – is that he is given time and space to develop. He will get that from us. He needs to be allowed to make mistakes while he learns and not feel more pressure than is right and fair.
“He is young and he is in the early stages of his development still.
“What is great is that he has the perfect culture here and we will protect him. The senior players and the coaches really care about him and are as excited as I am about his future.
“We now have shared responsibility. He must remain committed to learning and improvement and we must ensure he has the opportunity to do that.”