The much sought-after Elliott is a reported transfer target for the Black Country rivals, the latter of whom had a bid for the 24-year-old turned down by the Robins in January.
But on his return from holiday next week, the former Millwall man is set to follow the lead of Cole Skuse and Ivan Sproule by committing his future to the club.
"Marvin should sign early next week when he comes back," City boss Gary Johnson told the club's official website. "Those three have been a part of what we have done over the last couple of
seasons and I am pleased they are still at the club."
Skuse, 23, came through the ranks at Ashton Gate and has made 163 appearances for the Robins.
Northern Ireland international Sproule, like Elliott, joined the club in the summer of 2007. The 28-year-old has made 85 appearances for City.