She will depart after four seasons on the show. While Andy Samberg and Kristen Wiig were expected to exit the show, the news that Elliott may not come back was not widely reported.
Calls to NBC, which generally does not comment on "SNL" casting decisions until the start of the season, were not returned.
On the show, Elliott was known mostly for her impressions, which included Angelina Jolie, Khloe Kardashian, Rachel Maddow, Anna Faris and Rosie Pope.
Earlier this year, Elliott was cast in the Fox sitcom "Ned Fox Is My Manny" while concurrently on "SNL," which is rare. Some speculated that executive producer Lorne Michaels released Elliott from her "SNL" contractual requirements in order for her to appear on the sitcom. However, she exited "Ned Fox" after a table read, and finished out the season on "SNL."
For Elliott, "SNL" is in her blood. Her father, comedian Chris Elliott, spent some time on the show in the '90s, and her grandfather, Bob Elliott, guested on the show in 1978 as half of the comedy duo Bob & Ray.
With the departure of Elliott and Wiig, Nasim Pedrad is the only female cast member. Featured players Vanessa Bayer and Kate McKinnon could be promoted to full members of the cast, but this will not be revealed until the beginning of the season.
Now that three cast members have left, it's likely that "SNL" will add a few more comics to its ranks for the next season. Currently, it's unconfirmed whether Jason Sudeikis will return to the cast.
The 38th season of "SNL" is set to premiere September 15.