Elliott played over 100 games for Bolton between 1997 and 2001 and makes only his second return to the Reebok since re-signing for the Toon Army three years ago.
The 30-year old has discovered a new lease of life at in form Newcastle since the Magpies appointed Graeme Souness as manager but he knows all too well of the threat that his old club pose and says that their position in the Premiership is no fluke.
"I had four very good years there. I thoroughly enjoyed my time at Bolton," Elliott told the Newcastle Evening Chronicle
"Big Sam's doing an unbelievable job. He has put a very good squad together. They're not there by luck, they're there for a reason.
"Sam started off by bringing in world-class players on loan, and he has progressed to signing them the longer they've been in the Premiership. He's got players there who would grace any team.
Gosforth born Elliott is looking forward to his return to Lancashire and says that the Wanderers will have done their homework ahead of the clash with the Magpies.
"It's going to be very tough. I know what Bolton are about - they'll do their homework on us. They've got a good record at home."
"The last time I played at the Reebok, Jussi Jaaskelainen was sent off and we won 4-0. I've not been involved in either game since then, so this is one I'm really looking forward to."
Both Gary Speed and Les Ferdinand will also be facing their old club and Elliott says that he has been impressed with the form of his ex-team mate Speed during the Welshman's early days at the Reebok Stadium.
"There are links with Les Ferdinand and Gary Speed there, and there'll be a few familiar faces for myself as well.
"Everyone I have spoken to at the club has been very impressed with Gary. He's a model pro and has carried over his form from last season. I know he'll be looking forward to this one."