Elliott is on-loan at Villa from Liverpool, though he isn't in Emery's plans, with talks held last month about sending the midfielder back to his parent club.
“I spoke with him. We have been fair because there are two ways: one way is a sport, the second is business,” Emery said on Friday ahead of Villa's Premier League game against Bournemouth.
“We'll be fair in case, because we are trying it, and I told him, we are opening the door to play with us, because he can help us.
“But it's not only in my way and on my side. The other side is Liverpool. If they take off the clauses to play matches and for us to buy him, (I said to him) 'you are going to play here with us, it's a sport decision.’
"But now it's a sport decision and a business decision. My sport decision is still there - 'you are deserving to play, we need your qualities in the field, you are going to play.'
“But in case the clauses are still there, now it is Liverpool - they have the key. And I told him, it will be fair for him in case Liverpool take off this clause.
"We are speaking about it (taking off the clause) but not now. We started speaking about it three months ago. Of course, the transfer window finished on Monday."
Liverpool refused to trigger the recall clause in Elliott's deal. Having also played for Liverpool at the start of the season, Elliott was prevented by FIFA rules from playing elsewhere this season.
“It will be fair for him, because he's a calm guy, a good guy, and he's a fantastic professional. And then his qualities are there," Emery added.
"Of course, he must play, and he's really being patient. And I know we are damaging him, because we got a deal with Liverpool in the summer and the deal is there, and we are respecting the decision and taking the sporting decision responsibly from my side.
“It can change for him, in case Liverpool take off this clause. If they don't want to, okay, but the player is getting damaged.”