Martin, 22, arrived at Leeds from Motherwell in 2007, but has failed to make a first-team appearance. He has had loan spells at Accrington Stanley and more recently at Barrow.
Elliott, 21, became the the first schoolboy to appear in Leeds' first team when he made his debut off the bench at Norwich City in February 2007, but he has started only one game since and made two further substitute appearances.
Elliott spent the first half of this season on loan at Rotherham United and has also had loan spells at Macclesfield and Bury.
Source: PA