The 3-by-4 foot pachyderm is believed to have been taken last week from outside an art studio and gallery, the Chicago Sun-Times reported Tuesday.
"The owners say that if they get it back, there would be no questions asked," Forest Park police Deputy Chief Tom Aftanas told the Sun-Times.
The sculpture, which was decorated with thousands of brightly colored and mirrored glass squares as part of the city's "Elephants on Parade" exhibit, is believed to have been stolen Wednesday night or Thursday morning, the newspaper said.
"It would have taken some effort to move this thing," he said. "You could see drag marks on the sidewalk."