The duo have been added to the list of 15 departing players who were announced earlier in the week, meaning a total of 17 will exit Franklin's Gardens after tomorrow's final-day clash.
Elliott has been involved in some key games and moments since emerging from the Academy to make his Saints debut aged just 18.
He has racked up 115 appearances, scoring 34 tries for the club, with the most memorable of those coming in the sensational win against Leinster in Dublin in December 2013.
However, injuries have restricted his playing opportunities since midway through last season.
“The game is all about making memories, and I’ve made a lot of them over my eight seasons at the club – not just on the pitch but also off it,” Elliott said.
“It’s been an honour to step onto that pitch alongside so many team-mates that have become friends, and I wish the club every success in the future.”
Paterson joined Saints from Sale Sharks for the start of the 2015/16 campaign, with the Kiwi-born lock bringing a raft of experience to Northampton’s second row.
He notched up a half-century of appearances in black, green and gold earlier this season against Ospreys, and ends his time at the Gardens with 60 appearances to his name.
“Having the privilege of playing with this group of guys is something I will always look back on fondly,” Paterson said.
“To be able to run out in front of the crowd at Franklin’s Gardens is always an incredible experience and I'm immensely proud to have played for Saints more than 50 times.”