The Magpies goalkeeper insists that the club have the quality in their squad to be a top 10 team.
The Magpies are struggling desperately for survival this season and currently sit second-bottom of the Premier League table after winning just six of their 29 matches.
It is an undignified position for the former Champions League competitors, and one they may feel that they shouldn't be in, given the class of player in their squad.
The North East side are a team packed full of international stars, with such players as Dutch duo Georginio Wijnaldum and Daryl Janmaat, Ivory Coast pair Cheick Tiote and Seydou Doumbia and Englishmen Jonjo Shelvey and Andros Townsend in their squad.
Elliot, who has been the club's first-choice goalkeeper since the season-ending injury to number one Tim Krul on international duty in October, insists that the team have both the mentality and the quality to be far more successful.
He told Sport magazine, as quoted by talkSPORT: "There is a strong mentality within the group. It’s consistency that is the issue. We’re a top ten team in terms of quality. We want to turn our potential into action."
The Magpies did show some improvement in their first match under new manager Rafael Benitez in a 1-0 away defeat to league leaders Leicester City on Monday night.
If Newcastle can record a first win in nine attempts against their arch-rivals Sunderland this weekend they will move out of the relegation zone with a game in hand over their fellow strugglers.