After seeing the likes of Mathieu Debuchy, Yohan Cabaye and Loic Remy all leave in recent seasons, Newcastle have had to rebuild to remain competitive in the Premier League.
Jack Colback and Ayoze Perez are two of the players to have come in at St James' Park and both have impressed under Alan Pardew and now John Carver.
However, their performances have attracted attention from other clubs and Elliott believes it is imperative they stay.
"Perez is obviously a handful," he told Perform. "He's one who hopefully we can keep hold of, because being young I'm sure there'll be people looking at him and seeing how well he's done.
"There's three or four players who I think have had a good season. It [losing them] is a risk for most clubs, never mind Newcastle.
"I think Colback has done well and [Moussa] Sissoko on his day is one of the best players at the club,
"Better players are going to be wanted by better clubs challenging for trophies, players want that. It's only natural that if clubs like that come along then players are going to want to listen."
