Clarke, 23, was pre-listed by the Giants - as was new Richmond recruit Steven Morris - as part of their list establishment rules that allows them to pre-list players that have either previously been part of a club or have nominated for the national draft.
In return for Clarke, Elliot and a round four selection of pick No.67 overall, the Giants have received the Pies' first round pick of No.25.
Clarke last played AFL in 2009, when after three years and 46 games of AFL football he opted to return to Ireland to study teaching, be closer to his family and play for Gaelic club Down.
The Pies never fully closed the door on the promising half back returning to the club, and spoke to him last year during the International Rules Series in Ireland with former Collingwood coach Mick Malthouse, football operations manager Geoff Walsh and Clarke's former teammates Dane Swan and Tyson Goldsack on the tour.
Elliot, 19, participated in last week's NAB AFL Combine after impressing in the NAB AFL Under 18 Championships while playing for Vic Country before he was injured
He is a small forward from Euroa football club in north-east Victoria, has good speed and strength and has also represented the Murray Bushrangers in the TAC Cup.
The paperwork was lodged on Monday afternoon, shortly after the Giants confirmed they had also pre-listed Morris and traded him - and pick No.15 - to the Tigers for their selection No.14.
No trades are official until paperwork has been accepted by the AFL and formally recognised after 2pm on Monday, October 17.
Follow our complete coverage of the 2011 AFL exchange period from October 10-17. Join the AFL trade conversation on Twitter: use #tradeweek in your tweets
