"It's going to be a huge party when I hit 299 lbs," Elliot, who is six pounds shy of his goal, toldPeople.
"That will be the first time in well over a decade that I've been under 300 [pounds]. I see people on the street who are the size I was only a few months ago, and it's like, 'Man, I wish you could feel what I am feeling right now, it's absolutely life-changing.'"
Elliot reportedly underwent a sleeve gastrectomy on July 16 after getting to nearly 400 pounds. The hour-long procedure removes about 80 percent of the stomach, reducing it to the approximate size of a banana.
"I will feel full quicker because my stomach is that much smaller. I won't need six cheeseburgers to feel full," the 36-year-old Chicago-based chef and father of three previously explained of the results.
"Because of my line of work, the doctor specifically thinks this is the surgery best suited for me. With gastric bypass and other surgeries, there's some ingredients you can't eat because it will cause you to get sick. This procedure will allow me to still taste and try everything."
According to People, Elliot -- who's dropped 10 pants sizes -- started exercising last month and is very proud of his physical progress.
"I recently ran my first mile and a half non-stop. I can even sprint and run pretty darn fast to catch a football. I haven't done that since I was a teenager," Elliot said.
"At first, I ran a quarter mile, and every two blocks, I'd be winded and need to catch my breath. But I kept going. It's meditative and I'm proud at the end of a run... My legs still get sore [but] I'm really excited to push myself more and more. I'm planning to run my first 5K around Thanksgiving."
Elliot also noted he's excited to expand his wardrobe and have more options as to where he can shop.
"I'm buying new clothes all the time," the chef added. "Before I was only able to shop at big and tall stores. Now it's much easier."