Former Premier League referee Elleray, who is currently the technical director for IFAB, has revealed that video technology could be the key to a number of significant changes in world football.
The use of penalty goals would be for handballs on the goal line.
The 62-year-old told the The Times: "The IFAB is looking at 25 areas of the game aiming to make it fairer and handball is one of those.
"One of those areas we are discussing is incidents similar to the handball by Luis Suarez in the 2010 World Cup when he handled the ball on the line against Ghana, preventing a certain goal.
"A lot of people have said in those kind of incidents why can't you give that as a goal if it is clearly going in? That is something video assistant referees could also help with.
"Some people are against the idea still, however, so it is something that needs to be discussed in depth."
Meanwhile, video assistant referees (VARs) are already being tested, with France seeing a goal disallowed before a second was awarded - both correctly - using this technology, in their recent friendly international with Spain.
VARs may be introduced into the FA Cup from January 2018 as well as in the EFL Cup, pending approval from the EFL board.
EFL chief executive Shaun Harvey said: "The board will consider allowing the EFL Cup to be utilised."