Collingwood list manager Ned Guy said the Pies were getting more optimistic that Elliott would stay with the club.
He confirmed the Pies' offer was for two years.
"We're waiting. We're very hopeful and growing a little bit more confident, but until we get the green light we have to wait and see," he said.
He declined to elaborate on whether the Magpies have increased the financial element of their offer, and said Elliott doesn't owe the club given his injury battles in recent years.
"Not at all. We'd like to keep Jamie. Jamie's given plenty back to the club as well so hopefully we can continue that relationship," he said.
Elliott didn't play a senior game in 2018 as he battled hamstring issues, but returned to play 16 games this year, booting 26 goals.