
The 23-year-old had been given a chance by the Spaniard during pre-season following his return to Merseyside after a difficult season out on loan at Aston Villa.
Elliott had expected to sign permanently for Villa, with the West Midlands outfit required to sign the midfielder for £35m if he made 10 Premier League appearances for the club.
But he was predominantly frozen out by Unai Emery after the club swiftly decided they did not want to sign the former England Under-21s international permanently, with Elliott being limited to just four appearances in the English top-flight as a result.
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His future has remained the subject of speculation following his return to Anfield, with Elliott now within the final year of his Liverpool contract.
And reacting to his omission from Iraola’s squad to face the Magpies, talkSPORT presenter Jeff Stelling claimed a move to Newcastle could actually be the ideal switch for the out-of-favour Liverpool player.
"He must have been devastated at the weekend,” he said. "His contract is up next summer, so this is not going to cost the king’s ransom. What are we talking, £15-20million? Something like that.
"I was going to look at the newly-promoted sides like Coventry, but would he be out of place at Newcastle, somewhere like that?"
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Co-presented Ally McCoist agreed with Stelling’s suggestion, saying: "No, I don't think he would.
"He wouldn’t look out of place in that Newcastle side and Newcastle are looking for players who are (similar to) the players they’ve lost. Obviously, Anthony Gordon would spring to mind.
"The most important thing, and it’s massively important for Harvey Elliott this season, last season was a write-off, he can’t afford another one like that."