Preston has become the latest Pilgrim to pledge his allegiance for the 2021-2022 season – having arrived at the Jakemans Community Stadium on the eve of the current season from Sheffield Wednesday.
The 22-year-old attacker netted twice in 12 appearances for the Pilgrims, with a further goal chalked off from the abandoned trip to Darlington.
"I have big expectations for Fraser next season," said Elliott. "I feel he will benefit from having more understanding of non-league football and with a full pre-season with us, I am optimistic that we should see him flourish.
"There is absolutely no doubt in my mind that he has everything needed to be a Football League player and will definitely be a vital player for us next season.
"The talent and potential is there and we just need to get Fraser playing consistently in a position that gets the best out of his strengths."