The former Foxes captain made 245 appearances for the East Midlands club and was part of the League Cup winning team of 2000.
Speaking to Sky Sports, Elliot urged the supporters to remain cautious following their away victory at Sunderland.
"Perhaps in the supporters' eyes, I think they possibly see it as a defining moment," Elliott said. "But I think, even at this stage, it's a little bit premature. People got carried away and excited when Leicester were 10 points clear but Tottenham Hotspur put paid to that with a magnificent performance against Manchester United."
He went on to reiterate how important it is to focus on the games ahead, rather than dwell on their healthy lead at the top:
"It's still only a seven-point gap. It looks good for Leicester but there's still work to be done. I don't think there will be much relaxing going on. They'll be weighing up the different permutations and possibilities of their forthcoming games."
Elliot, though, did find time to lavish praise on Leicester's achievements thus far, commenting on how Claudio Ranieri will not let them relax during the run-in:
"They've done exceptionally well this season - one of their strengths is how focused they are and I'm sure they'll continue to do that right up until the death. Ranieri won't allow for any relaxation to creep in I'm sure."
The Foxes kept their fifth consecutive clean sheet on Sunday as they beat Sunderland 2-0 at The Stadium of Light, and they will be hoping to wrap up the league title as soon as possible.
A tricky set of fixtures await them, however, with their last three Premier league outings consisting of trips to Manchester United and Chelsea either side of a home game against Everton.