Yes, there will be elves in the world.
Once upon a time, very long ago, an enormous hole opened up in the sky and an a large city fell through it into this world. This was a city of elves and since that fateful moment they have existed on the planet.
I have a couple of rough ideas about who the elves were originally and where they came from but that’s a story for another time.
I should also mention that the introduction of elves into a world isn’t my idea. It’s blatantly stolen from the Elfquest comics. When checking them out I realized the comics are actually available online from the Elfquest website. The events describing the arrival of the elves can be found in the first pages of the first issue and can be viewed from this page (The Original Quest #1).
I used to love the Elfquest comics when I was a kid but never had the opportunity to read them all. I guess I have my weekend sorted now. :)