Whether he will be asked to return depends on the nature of Fox's import recruitment programme, most of which is yet to be revealed.
But Ellerby, 33, would be happy to fill an orange shirt again, in the season 2022-23.
This time he'd like to end the campaign with a winner's medal.
"To be honest, I would love to come back to Sheffield," he said.
"It was the injury bug that hit us in the second half of the season - I think we had a real strong team that should have had better results, but that's hockey.
"I would like to come back and try for a better end result."
The defenceman thinks: "It would be easier coming back a second time knowing the coaches and the league.
"Me and my family enjoyed it very much so I guess we'll just wait and see on that.
"Yes, the family loved it, my wife was able to get a job in Sheffield which she really enjoyed. We lived right down in the city centre.
"My son was seven months old when we moved to Sheffield so it was easy, he's an easy kid."
Team mate Davey Phillips would love the see the 214-game NHL'er back in Sheffield.
"I liked him, he was steady, a top super-nice guy as well" said the GB defenceman.
"He was a real good guy on and off the ice, a good team mate, I can't say enough good things about him.
"I don't think he tries to do anything flash, he isn't going to beat people one-on-one as he's not an offensive guy. He just takes care of his own end and does it very well.
"You don't play 200 NHL games and not be a good player."