The acclaimed actor, nominated in the Best Supporting Actor category for his role in Bradley Cooper's A Star is Born, gave a wry reply when asked about the prestigious honour.
“I think the thing off the top of my head might be, ‘It’s about f***ing time,'” Elliott told Deadline.
“Beyond that, it’s really about the work; it’s just about the creative process. It’s great to be recognised for that, that’s really all it’s about.”
The 74-year-old is nominated in the category alongside Sam Rockwell for Vice, Adam Driver for BlacKkKlansman, Mahershala Ali for Green Book, and Richard E Grant for Can You Ever Forgive Me? (Grant's response to being nominated was a little different to Elliott's).
Elliott has starred in Hollywood movies for 50 years, starting with a brief appearance in Butch Cassidy and the Sundance Kid. The actor later appeared in classic films such as The Big Lebowski and Road House.
Questioned further about the Oscar nomination, he continued: “I think my biggest takeaway is just how fortunate I am.
"Number one, to still be in the game, but to have an opportunity to work with two people like Bradley and Stefani (Lady Gaga), it’s just extraordinary.
"Fifty years into the game and all of a sudden to have anything to do with this, to be connected with a film like this, it’s just a wonderful gift.”
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