Outgoing Leeds chairman Ken Bates will take up a three-year presidency at Elland Road from July 1, owners GFH Capital have announced.
Bates, 81, who sold the club to the Bahrain-based finance group in December, agreed to stay on as chairman when the takeover went through.
He will take up his new role a day after his chairmanship ends, although he will have no say in the running of the club.
A GFH capital statement said: "He will officially stand down as chairman on June 30, 2013 and will no longer be a member of the board.
"He will become president for a three-year term from July 1, 2013."
The duo are out of contract and have been told they are free to find new clubs as the Red Devils boss prepares for next season.
Striker Elford-Alliyu made seven substitute appearances after joining in January, while Cooper spent the second half of the campaign on loan at Portsmouth having played just 10 times after signing from Bournemouth in the summer.
Barker told the club's official website: "Lateef didn't get the opportunities he perhaps deserved because of the form of our other strikers. I have worked with him before and he was a model professional during his time here.
"He is a talented player and I think he will get fixed up with another club but I have told him if he doesn't get sorted that he can come back here for pre-season training with us.
"Shaun had a few problems with injury during his time with us but going on loan to Portsmouth did him good and hopefully he can get fixed up there."
