The 26-year-old was signed from Wolves by Alan Irvine in September 2008.
But Elliott, who cost Wolves £1million when he signed from Sunderland in 2007, has struggled at Deepdale, scoring just eight goals in 52 appearances.
Dublin-born Elliott, twice signed by Mick McCarthy, first for Sunderland from Manchester City, then for Wolves, has a career tally of 36 goals in 174 games.
But just two of those goals have come this season - and he is yet to figure under new North End boss Darren Ferguson.
Subject to passing his medical, he now faces a battle for a shirt against Norwich's 25-goal top scorer Grant Holt and 18-goal Chris Martin.
Source: BBC Sport
Source: BBC Sport